Rexel announces the acquisition* of Wasco, one of the leading distributors 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 2 distribution centers in the Netherlands, and generated turnover of circa €540m over the last twelve months through end-April 2023, including 60% through digital channels. With this acquisition, Rexel will double in size in the Netherlands, making it the Group’s fourth-biggest country.
With the acquisition of Wasco, we are totally in line with our strategy aiming at seizing electrification and energy transition opportunities. It’s also fully consistent with our purpose, ‘Electrifying solutions that make a sustainable future possible’. The Netherlands is one of the most exciting European markets from an electrification perspective, benefitting from a fast-paced transition from gas, driven by incentives and regulations, notably the ban on gas boilers both in new build and renovation. Wasco is ideally positioned to be an active player in this transition; it is also best-in-class in terms of digitalization. We are excited to start working with the Wasco teams to unleash the great opportunities that the association of both companies in the Netherlands will create. This transaction demonstrates that Rexel continues to carefully select the best development opportunities, accelerating its growth related to electrification in Europe and reinforcing its positioning in the US, through both organic initiatives and small-to mid-size value-creating acquisitions. ~ Guillaume Texier, CEO of Rexel