SHB ELECTRIC acquired by MasterGrid

The acquisition of SHB Electric by MasterGrid represents a strategic consolidation opportunity in the electrical equipment services segment, finalizing the acquirer's capability to cover every tier of the power distribution value chain. Executed in February 2022, this transaction allows the buyer to systematically integrate downstream medium and low-voltage maintenance capabilities into its historical high-voltage portfolio. From a financial structuring perspective, the operation was executed through a combination of bank debt and a capital increase. This financing round was heavily supported by the private equity firm Andera Partners, which retains an 80% majority stake in the acquiring entity and has backed its expansion since its foundational spin-off in December 2019. At the time of signing, the buyer reported an annual turnover of 36 M€ for the 2021 fiscal year, reflecting a 20% organic growth rate, while aiming for a mid-term revenue target of 60 million euros. The transaction significantly scales the group's human capital, shifting its workforce from 180 employees at the end of 2021 to a consolidated headcount of 220 professionals following recent external growth and the creation of over 30 new jobs. The strategic rationale behind this buyout relies on strict geographic and technical complementarity. By absorbing the target, the acquirer instantly establishes a dedicated medium-voltage competence center within the Île-de-France region, expanding its footprint in western Paris. This integration effectively transforms the parent company into a unified, single-source contractor for major institutional and industrial clients seeking comprehensive lifecycle management for their grid infrastructure. Furthermore, this domestic consolidation is executed in parallel with a broader corporate strategy focused on securing a highly specialized portfolio, closely following its previous acquisition of the SF6 greenhouse gas management specialist Ircamex.