Electrical distributor Rexel will acquire Wasco, distributor of HVAC products and services in the Netherlands, further building its European presence to “seize fast-growing electrification opportunities.”
Founded in 1970 and owned by Gilde Equity Management, Wasco operates 35 branches and two distribution centers in the Netherlands, and generated sales of €540 million over the past 12 months (through April 2023). Sixty percent of those sales came through digital channels.
With this acquisition, Rexel will double in size in the Netherlands, making it the Group’s fourth-biggest country.
The Wasco acquisition will allow Rexel to benefit from energy-transition-related opportunities.
The acquisition is expected to close in the second half of 2023.