Rexel to acquire GCG, a leading specialty infrastructure platform in the US, a key milestone on Rexel’s strategic roadmap
5 minutes
September 25, 2026
Rexel has entered into an agreement with Audax Private Equity (“Audax”) to acquire GCG, a leading US provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications. Headquartered in Chicago, Illinois, GCG operates 16 locations with approximately 950 employees and is expected to reach over $1.1 billion of revenue in 2026.
Compelling value-added service, exposed to high growth segments
GCG combines specialty distribution with a complete range of advanced services including engineering, custom assembly, product modification, kitting, testing and rapid fulfillment. A significant portion of its revenue is generated from proprietary offerings, while more than 75% incorporates value-added products or services. These capabilities allow GCG to participate further upstream in product design and specification, help customers reduce installation time and labor, and build more embedded customer relationships.
The acquisition will position Rexel at the center of several powerful mega trends reshaping the global economy and its electrification. More than 60% of GCG’s revenue is exposed to high growth segments including data centers, power/utilities infrastructure, grid modernization, communications, defense, utilities and other long-term growth markets where artificial intelligence, rising electricity demand and increasing technical complexity are driving sustained infrastructure investments.
Since 2019, GCG has delivered double-digit annual revenue growth and is expected to reach a c.11% EBITA margin in 2026, reflecting GCG’s exposure to structurally attractive end-markets, proprietary products, technical expertise and its value-add operating model.
Rexel’s Board of Directors has unanimously approved the acquisition of GCG.
Executing our value creating M&A strategy
This acquisition is fully aligned with Rexel’s strategy to accelerate further in its core geographies and is a strong driver of the Group’s accelerated sales growth.
Rexel also expects to generate meaningful cost synergies from GCG through scale, logistics optimization, insourcing and select efficiencies. In addition, the combination also creates significant commercial opportunities by bringing GCG’s engineered solutions and specialty distribution capabilities to Rexel’s broader customer base.
The transaction values GCG at an Enterprise Value of approximately $1.4 billion, corresponding to a <8x 2026e EBITDAaL multiple including anticipated run-rate synergies. This transaction respects all financial M&A criteria, including EPS accretion in year 1 and value creation by year 3.
Preserving our balance sheet
Rexel plans to finance GCG through a mix of existing cash on hand, and debt for c.€800 million.
The Group also intends to raise up to €500 million equity through an accelerated bookbuilding offering (subject to market conditions), to preserve its credit rating and maintain a net financial debt / EBITDAaL ratio around 2x from 2027 onwards.
As such, Rexel will maintain a balanced capital allocation strategy between a consistent dividend policy of at least 40% payout and a self-funded value creative acquisition strategy allowing the Group to continue delivering solid growth and returns to shareholders.
The transaction is expected to close by 2026 year-end, subject to customary regulatory approvals and closing conditions.
Advisors
Guggenheim Securities and Rothschild & Co served as financial advisors to Rexel and Sidley Austin LLP served as legal advisor. Solomon Partners and J.P. Morgan served as financial advisors to GCG, with Kirkland & Ellis and Fredrikson & Byron serving as legal counsel.
Analyst call and further information
Rexel will be hosting a call for analysts and investors at 6.15pm CET on September 25th, 2026. Participants are advised to join the call at least 10 minutes prior to the commencement of the call to register. Presentation materials will be available ahead of the call on the Rexel website.
Please connect to the call via the following link: https://streamstudio.world-television.com/1524-2871-43792/en
To dial in from France: +33 (0)1 70 91 87 04 (code: 596076) or from outside of France: +44 (0) 12 1281 8004 or +1 718 705 8796 (code: 596076)
The acquisition of GCG is an exciting and major step forward in Rexel’s strategy. It significantly expands our addressable market, strengthening our position in key, fast-growing segments. It moves Rexel into higher-value parts of the infrastructure value chain and creates a more complete offering across electrical power and digital connectivity. It is financially attractive, immediately accretive to adjusted earnings and to Rexel’s EBITA margin, with substantial additional value creation potential from synergies and commercial expansion. GCG also brings high-quality, talented teams with a strong reputation with customers, suppliers and partners, which will be key assets as we build a leading specialty infrastructure platform together. The acquisition of GCG, an exceptional platform combining strong growth, an attractive margin profile and differentiated capabilities is fully in line with Rexel’s Axelerate 28 strategy, which aims at shaping our portfolio towards more growth and more value-added, and is a significant step in the direction of achieving our mid-term objectives.
Guillaume Texier
Chief Executive Officer of Rexel