Audax Private Equity has agreed to sell GCG, a US specialty wire, cable, and connectivity distributor, to French electrical distribution group Rexel. Audax acquired the business in 2019 through a carve-out of Genuine Parts’ Electrical Specialties Group. It later split that business into two independent platforms, GCG and EIS, and sold EIS to a financial buyer in 2024.

During its ownership, Audax built GCG’s standalone corporate infrastructure and completed 12 add-on acquisitions. It also refocused the company on its core specialty wire and cable business. As part of that refocusing, GCG sold its Automation & Factory Solutions unit to a strategic buyer in July.

The buy-and-build strategy produced double-digit annual revenue growth since 2019, along with significant improvements in earnings and EBITDA margins. GCG is based in Chicago and runs 16 locations with around 950 employees. Its 2026 revenue is expected to exceed $1.1bn.

Rexel puts the price at under 8x estimated 2026 EBITDAa L once run-rate synergies are included. Chief executive Guillaume Texier called it "an exciting and major step forward in Rexel's strategy". Rexel will pay for the acquisition with cash on hand and about €800m of debt.

It also plans a €500m equity raise through an accelerated bookbuild to protect its credit rating. The transaction is expected to close by the end of the year, subject to regulatory approvals.