COGELEC acquired by LEGRAND
Context
Cogelec has been acquired by Legrand through a two-stage process: first, the purchase of a 60.09% controlling block via the "Cogelec Développement" holding, followed by a mandatory tender offer (OPA) for the remaining shares. The strategic rationale is centered on strengthening the acquirer's "Smart Building" and digital services division, specifically targeting the lucrative and resilient recurring revenue stream of the target's subscription model. Financially, the deal is accretive and aligns with the acquirer's strategy. This platform investment allows Legrand to consolidate its leadership in the collective housing segment in France and 11 other international markets. The exit of Raise Investissement and the founding directors marks the end of the target's journey as an independent listed entity on Euronext Growth.
COGELEC, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
Cogelec is a French leader in telecommunications and smart access control systems for collective housing. Headquartered in Mortagne-sur-Sèvre, the company is primarily known for its Intratone brand, which provides wireless intercom solutions and connected key management systems. Its innovative business model shifted the industry from traditional wired hardware to a "Software-as-a-Service" (SaaS) approach, generating high-margin recurring revenue through GSM-based subscription services. The company manages a footprint of over 2.5 million homes across 12 countries, catering to social landlords and property managers. Strategically, the entity represents a highly attractive "Smart Home" platform, combining proprietary hardware with a scalable digital service layer.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
15x–25x
EV / EBIT
Above 20x
Historical Financials (EUR)
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REFERENCES
Valuation range: EV €100–350M
Revenue range: €50–100M
EBITDA range: €5–25M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of COGELEC by LEGRAND are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: cogelec
Acquirer: legrand