Energy solutions provider Rexel has signed an agreement to acquire GCG, a US-based provider of specialty wire and cable, connectivity, power and engineered solutions for infrastructure applications, from Audax Private Equity for an enterprise value of around $1.4bn (€1.23bn).
The deal is expected to close by the end of 2026, subject to regulatory approvals and closing conditions.
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GCG, which has its headquarters in Chicago, Illinois, operates 16 locations and employs around 950 people. The company’s revenue is projected to exceed $1.1bn in 2026.
The company serves sectors including data centres, power and utilities infrastructure, grid modernisation, communications and defence.
More than 75% of GCG’s revenue comes from value-added products or services, and a significant portion is generated from proprietary offerings.
Rexel’s Board of Directors has given unanimous approval to the acquisition.
The company plans to finance the transaction through a combination of existing cash and debt amounting to approximately €800m.
Rexel also intends to raise up to €500m in equity through an accelerated bookbuilding, depending on market conditions, to support its credit rating and maintain a net financial debt to earnings before interest, taxes, depreciation and amortisation after leases ratio of around 2x from 2027.
The acquisition is expected to position Rexel within high-growth market segments including those related to data centres, grid investments, and sectors influenced by increasing demand for electricity and technical complexity.
The combination is set to create cost synergies via logistics, insourcing and efficiency measures, and to provide opportunities to extend GCG’s engineered solutions to Rexel’s broader customer base.
GCG CEO Glenn Pennycook said: “Over the past several years, our team has transformed GCG into one of the leading platforms in our space serving some of the fastest-growing end markets in industrial distribution.
“Audax has been a thoughtful and collaborative partner throughout its ownership and brought insights and resources to bear that allowed GCG to pursue such an ambitious vision for growth. We are excited about what the future holds as we embark on our next chapter as part of Rexel.”
Audax Private Equity initially acquired GCG in 2019 from Genuine Parts Co.’s Electrical Specialties Group.
Under Audax’s ownership, GCG completed 12 acquisitions and sharpened its focus on specialty wire and cable.
In July 2026, GCG divested its Automation & Factory Solutions business to a strategic buyer.
The sale of GCG marks the seventh exit for Audax Private Equity’s Flagship strategy in 2026.
