GCG acquired by Rexel

Rexel finalizes the acquisition of GCG, a leading specialty wire and cable distributor, at an enterprise value of $1–10bn, corresponding to an EV/EBITDA multiple of 10x–18x (excluding synergies). The transaction, announced in September 2026, is being executed through a mix of available cash and approximately €800 million of new debt, with a concurrent accelerated €500 million equity placement under consideration to preserve the Group’s credit rating. Guggenheim Securities and Rothschild & Co acted as financial advisors to Rexel, while Sidley Austin LLP provided legal counsel. On the sell‑side, Solomon Partners and J.P. Morgan advised GCG and its shareholder Audax Private Equity, with Kirkland & Ellis and Fredrikson & Byron serving as legal advisors. Strategically, the acquisition expands Rexel’s footprint in mission‑critical end‑markets that are benefitting from accelerated digitalisation, rising electricity demand and infrastructure modernisation. By integrating GCG’s engineering‑led distribution model, Rexel will broaden its product portfolio, deepen technical expertise and accelerate cross‑selling opportunities within its existing 1,876‑branch network across 17 countries. Expected cost synergies stem from scale economies in logistics, procurement and back‑office functions, while revenue synergies are anticipated through joint go‑to‑market initiatives and the extension of GCG’s value‑added services to Rexel’s customer base. The sale also provides Audax Private Equity with a full exit from the platform it built since the 2019 carve‑out of Genuine Parts Company’s Electrical Specialties Group, completing its buy‑and‑build strategy. Since 2019, GCG has delivered double‑digit annual revenue growth, driven by organic expansion and a disciplined add‑on acquisition programme that included United Wire & Cable, CableMaster, RWL, Paige and Allied Wire & Cable.

By taking control of GCG, Rexel continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Revere Electrical Supply in 2026.