WASCO acquired by REXEL
Context
Rexel is expanding in the Netherlands by acquiring Wasco, a leading HVAC distributor. With this acquisition, Rexel will double in size in the Netherlands, which will become the Group's fourth largest country.
WASCO, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Business Services sector (11.4x).
-> Deep-dive in Business Services market trends
Target
Wasco is a leader in the distribution of climate control products at the heart of the energy transition in the Netherlands. In 2023, Wasco operated 35 branches and two distribution centers in the Netherlands, generating revenue of approximately EUR540 million over the twelve months to the end of April 2023, 60% of which was generated through digital channels.
Ent. Value
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
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| 07/2023 | SER CAPITAL PARTNERS | CHARAH SOLUTIONS | UNITED STATES | TIC (Testing, Inspection, Certification) |
| 05/2023 | TRITON PARTNERS | UNICA | NETHERLANDS | Multi-technical Installation |
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| 03/2023 | LOXAM | JIAB HYRCENTER | SWEDEN | Equipment Rental |
| 01/2023 | SOLOMAT LOCATION | TERMALOC | FRANCE | Equipment Rental |
| 12/2022 | CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | AKIEM | FRANCE | Equipment Rental |
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Other operations with REXEL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2026 | REXEL | GCG | UNITED STATES | Industrial & Technical Distribution |
| 05/2026 | REXEL | REVERE ELECTRICAL SUPPLY | UNITED STATES | Industrial & Technical Distribution |
| 10/2021 | REXEL | MAYER | UNITED STATES | Industrial & Technical Distribution |
REFERENCES
Valuation range: EV €300–700M
Revenue range: €450–900M
EBITDA range: €50–100M
EV/Revenue range: below 1.5x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of WASCO by REXEL 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.
Acquirer: rexel