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 LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
-> Deep-dive in TMT (Tech, Media, Telecom) market trends
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
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Similar deals in TMT (Tech, Media, Telecom)
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2026 | SENSTAR TECHNOLOGIES CORPORATION | BLICKFELD | GERMANY | Hardware & Electronics | The group has finalized the acquisition of the target, a maneuver designed to fundamentally reinforce its "multi-sensor" intelligence strategy. The strategic rationale for this transaction centers on a "technological-convergence" play, merging the target's industry-leading technical operational depth in 3D LiDAR with the group’s established global distribution and video management infrastructure. This structural alignment provides the organization with the scientific talent and technological hardware required to address the increasing demand for high-accuracy detection and the reduction of false alarms in complex environments |
| 01/2026 | KEENFINITY | AVONIC | NETHERLANDS | Hardware & Electronics | Keenfinity Group has acquired Avonic, a Dutch specialist in cameras and voice-tracking technologies for the AV conferencing market, with the goal of expanding its audio conferencing solutions with state-of-the-art video solutions, enabling system integrators and equipment providers to access a seamless, integrated audio-video portfolio. This strategic acquisition strengthens Keenfinity Group's leading position in the conferencing segment, allowing it to provide more comprehensive and integrated solutions to its clients |
| 12/2025 | BPIFRANCE / MBDA | NANOXPLORE | FRANCE | Hardware & Electronics | NanoXplore has successfully closed a €20 million fundraising round led by the European missile manufacturer MBDA and Bpifrance. This operation marks the company's first major institutional capital increase, aimed at accelerating its transition from a space-centric specialist to a diversified defense electronics powerhouse. The strategic rationale for the investors is twofold: securing a sovereign, ITAR-free supply of high-end FPGA components and supporting the company’s ambitious technological roadmap, which includes moving from 28-nanometer to 7-nanometer platforms in collaboration with the ESA and CNES |
| 12/2025 | WABTEC | FRAUSCHER | AUSTRIA | Hardware & Electronics | Wabtec Corporation has finalized the acquisition of 100% of Frauscher Sensor Technology from the Delachaux Group and minority shareholder Michael Thiel. This exit marks a significant milestone for Delachaux, allowing the French family-owned group to refocus capital on its primary activities (Pandrol, Conductix-Wampfler, and DCX Chrome). The strategic rationale for Wabtec is the expansion of its Digital Intelligence portfolio through the addition of Frauscher’s world-class axle counting and signaling technologies |
| 07/2025 | NAZCA CAPITAL | TELTRONIC | SPAIN | Hardware & Electronics | Nazca Capital has acquired 100% of the capital of Teltronic from a subsidiary of the Chinese multinational Hytera Communications. This transaction marks the inaugural investment for Nazca's new fund, the Fondo Nazca Aeroespacial y Defensa INNVIERTE I FCR. The acquisition is strategically positioned to reinforce European technological sovereignty in the critical communications sector. By bringing Teltronic under Spanish ownership, the deal aims to provide Spanish and European defense and interior ministries with a trusted, sovereign technology provider, thereby reducing dependence on non-European entities for tactical military and national security communications |
| 06/2025 | TRITON PARTNERS | KEENFINITY | GERMANY | Hardware & Electronics | Triton acquired the product business of Bosch Security and Safety Systems for an estimated ~EUR700m ($725m). The deal separates the product manufacturing business (now Keenfinity) from Bosch's system integration business (which Bosch retained). The new entity will rebrand its portfolio over time: Video products to "IQSIGHT" and Intrusion/Access to "Radionix", under the Keenfinity corporate umbrella. |
| 04/2025 | WESTERMO | WELOTEC | GERMANY | Hardware & Electronics | Westermo has acquired Welotec to bolster its capabilities in industrial networks and cutting-edge computing solutions for critical infrastructure. The strategic move aims to combine the complementary expertise of both companies: Westermo's robust industrial communication solutions and Welotec's edge computing technologies. The goal is to provide more integrated solutions for the digitalization of energy and industrial infrastructure, particularly in the automation of electrical substations and production environments |
| 01/2025 | DISCOVERIE GROUP | BURSTER GROUP | GERMANY | Hardware & Electronics | discoverIE Group plc has finalized the acquisition of Burster Group, a maneuver designed to fundamentally strengthen the group’s Sensing & Connectivity division. The strategic rationale for this transaction centers on a "cluster-reinforcement" play, merging the target's industry-leading technical operational depth in precision sensing with the group’s extensive international commercial and engineering infrastructure. This fusion effectively creates a specialized powerhouse in the sensor arena, providing the organization with the scientific talent and high-performance hardware required to address the increasing complexity of robotic and medical applications |
| 12/2024 | TAGMASTER | QUERCUS TECHNOLOGIES | SPAIN | Hardware & Electronics | The acquisition of Quercus Technologies aligns with TagMaster's strategic objective of strengthening its position in intelligent mobility solutions and detection technologies for transportation infrastructure. This transaction enables the Swedish group to expand its offerings in the parking market while increasing its exposure to private sector clients, a complementary segment to its historical presence in the public sector. Beyond broadening its portfolio, TagMaster acquires technological expertise in computer vision, video analytics, and artificial intelligence applied to vehicle flow management |
| 10/2024 | AMETEK | VIRTEK VISION | CANADA | Hardware & Electronics | In October 2024, AMETEK announced the acquisition of Virtek Vision International to bolster its portfolio of measurement, inspection, and industrial automation technologies. This strategic move aligns with the US-based company's external growth strategy, aimed at expanding its suite of technological solutions for specialized industrial markets. The acquisition demonstrates strong complementarity with Creaform, an AMETEK subsidiary specializing in 3D scanning and metrology. By combining Virtek's laser projection and automated inspection capabilities with Creaform's 3D scanning solutions, AMETEK aims to offer a more comprehensive range of tools dedicated to measurement, quality control, and process automation |
REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 50M - 100M EUR
EBITDA range: 5M - 25M EUR
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: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: cogelec
Acquirer: legrand