Rexel: acquires Wasco in Netherlands
(CercleFinance.com) - Rexel announces the acquisition of Wasco, one of the leading distributors of heating and air-conditioning products and services in the Netherlands, thereby doubling Rexel's size in the Netherlands and making the Netherlands Rexel's fourth largest country.
Wasco operates 35 branches and two distribution centres in the Netherlands, and generated sales of approximately E540m over the last twelve months to the end of April 2023, 60% of which via the digital channel.
With an enterprise value of E485m, the deal has an implied multiple of 9.2x EBITDA (under 7x, after full realisation of expected synergies). The transaction is expected to have an accretive impact on adjusted its EBITA margin and EPS from the first year.
Subject to customary conditions, including the completion of the Wasco works council consultation process and the approval of the European Commission, the transaction is expected to close in H2 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Wasco operates 35 branches and two distribution centres in the Netherlands, and generated sales of approximately E540m over the last twelve months to the end of April 2023, 60% of which via the digital channel.
With an enterprise value of E485m, the deal has an implied multiple of 9.2x EBITDA (under 7x, after full realisation of expected synergies). The transaction is expected to have an accretive impact on adjusted its EBITA margin and EPS from the first year.
Subject to customary conditions, including the completion of the Wasco works council consultation process and the approval of the European Commission, the transaction is expected to close in H2 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.