Rexel has agreed to acquire GCG, a leading US provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications, from Audax Private Equity at an enterprise value of approximately $1.4 billion. Chicago-based GCG operates 16 locations with roughly 950 employees and is expected to reach over $1.1 billion of revenue in 2026, with a projected EBITA margin of about 11%. The price corresponds to a multiple of less than 8x 2026 estimated EBITDAaL including anticipated run-rate synergies, and Rexel said the deal meets all its financial criteria, including EPS accretion in year one and value creation by year three. Rexel plans to finance the transaction with existing cash on hand and about €800 million of debt, alongside an equity raise of up to €500 million through an accelerated bookbuilding offering, to preserve its credit rating and keep its net financial debt to EBITDAaL ratio around 2x from 2027 onwards. The acquisition, unanimously approved by Rexel's board, is expected to close by the end of 2026, subject to customary regulatory approvals and closing conditions.
Rexel S.ARexel agreed to acquire GCG for ~$1.4bn, an accretive deal meeting its financial criteria (EPS accretion in year one), financed via cash, ~€800m debt and up to €500m equity raise.
