Audax Private Equity to sell GCG. BOSTON & CHICAGO, Sept 26 -Audax Private Equity ("Audax"), a capital partner for middle and lower middle market companies, announced today it has entered into a definitive agreement to sell GCG ("the Company"), a leading U.S. provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications. Rexel, a publicly held distributor of products and services in energy management, is acquiring GCG in a transaction expected to close by year end. Headquartered in Chicago, Ill., GCG serves as a critical link between a fragmented supplier base and customers across the data centers, power & utilities infrastructure, grid modernization, communications, defense and other long-term growing markets. The company, with 2026 revenues on pace to exceed $1.1 billion, operates 16 global locations and has approximately 950 employees. "The sale of GCG marks a tremendous outcome for the company, its employees, as well as our investors," noted Audax Private Equity Partner Don Bramley. "Glenn and the management team have proven to be exceptional partners whose vision, leadership and execution helped position GCG as a leader in its markets. This exit helps demonstrate the power of our Buy & Build strategy, coupled with the disciplined execution of the Audax Value Agenda, to grow and build strategic assets. We want to sincerely thank the management team and employees of GCG whose collaboration and dedication over the past seven years helped to underpin the company's transformation." Discover more Stocks & Bonds Audax Private Equity first acquired GCG through a 2019 carveout of Genuine Parts Co.'s Electrical Specialties Group. Audax subsequently spun out GCG and EIS as two independent platform companies. EIS was sold to a financial buyer in 2024. "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," added Glenn Pennycook, Chief Executive Officer of GCG. "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're excited about what the future holds as we embark on our next chapter as part of Rexel." Since its original investment, Audax helped to put in place the company's organizational and corporate infrastructure to support stand-alone operations, oversaw a Buy & Build initiative to complete 12 acquisitions, and worked with management to refine the company's go-to-market strategy and sharpen its focus and value proposition around GCG's core Specialty Wire and Cable business. In July of this year, GCG sold its Automation & Factory Solutions business to a strategic buyer. Small business resources The sale of GCG to Rexel represents the seventh realization either announced or completed by Audax Private Equity's Flagship strategy in 2026, including recent sales of Flow Control Holdings, StatLab Medical Products, Harbourfront Wealth Group, FDH Aero, and Colony Hardware, among others. "Our recent realizations reflect the rigor, resources and discipline we bring to executing the Audax Value Agenda," said Young Lee, Partner and Co-President of Audax Private Equity. "Our systematic approach and depth of resources can also position us to drive durable growth through market cycles." Discover more businesses The transaction is subject to customary regulatory approvals and closing conditions. Solomon Partners and J.P. Morgan served as financial advisors to GCG and Audax on the sale, while Kirkland & Ellis and Fredrikson & Byron provided legal counsel. Guggenheim Securities and Rothschild & Co. served as financial advisors to Rexel and Sidley Austin LLP served as legal advisor.

Rexel to acquire GCG in $1.4B specialty infrastructure expansion. Rexel's $1.4 billion deal for GCG would add more than $1.1 billion in annual revenue and deepen its exposure to data centers, utilities, communications and other critical infrastructure markets, extending an aggressive 2026 acquisition push. Get all the details and context here. Electrical supplies distributor Rexel has agreed to acquire specialty wire, cable and connectivity distributor GCG in a $1.4 billion transaction that would significantly expand Rexel's U.S. presence and add more than $1.1 billion in annual revenue. Paris-based Rexel announced Sept. 25 that it entered into an agreement to acquire Chicago-based GCG from Audax Private Equity. The deal is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions. GCG operates 16 locations with approximately 950 employees and is expected to generate more than $1.1 billion in 2026 revenue. The company provides specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications. More than 75% of GCG's revenue includes value-added products or services, according to Rexel. Its capabilities include engineering, custom assembly, product modification, kitting, testing and rapid fulfillment, while more than 60% of revenue is tied to higher-growth markets including data centers, power and utility infrastructure, grid modernization, communications and defense. GCG has posted double-digit annual revenue growth since 2019 and is expected to produce an approximately 11% EBITA margin in 2026. Rexel said the combination should generate cost savings through logistics optimization, insourcing, scale and other efficiencies while creating opportunities to offer GCG's specialty capabilities across Rexel's larger customer base. Rexel plans to finance the acquisition through existing cash, approximately €800 million of debt and an equity offering of up to €500 million. The transaction extends an already active acquisition year for Rexel in North America. In May, Rexel USA agreed to acquire Revere Electrical Supply - a Mokena, IL-based industrial automation and electrical distributor with 10 Illinois and Wisconsin branches and approximately $330 million in 2025 revenue. Rexel followed in July by acquiring Cedar Rapids, IA-based DEE Electronics, which generates approximately $50 million in annual revenue and provides electronic assemblies, wire harnesses, control panels, component sourcing, kitting and other supply chain services for OEM customers. The deal expanded Rexel further into data center infrastructure, industrial automation and other specialized applications. Rexel's growth accelerates. The acquisitions come alongside strengthening organic performance. Rexel posted approximately $6 billion in 2Q26 sales, up 6.7% year-over-year on a constant, same-day basis. North American same-day sales increased 7.8%, including the same growth rate in the U.S. Data center sales - about 9% of Rexel's U.S. business - more than doubled, while industrial automation sales increased 15%. The company's U.S. backlog topped $2 billion during the quarter, up approximately 25% from the end of March. Rexel subsequently raised its 2026 same-day sales growth outlook to approximately 5%. Globally, Rexel had 2025 total revenue of just over $23 billion, while its $10.4 billion in North America placed it at No. 4 on MDM's 2026 Top Distributors List for Electrical/Data/Security. More Rexel and GCG News MDM analysis. GCG represents more than another bolt-on for Rexel. The deal accelerates its shift toward specialty distribution, engineered services and infrastructure markets where technical capabilities can produce stronger growth and margins than traditional product distribution. It also reinforces the competitive pressure for differentiated electrical assets. Graybar has already completed three acquisitions in 2026, while other sector players are pursuing data center, automation and infrastructure capabilities. As those markets attract investment, consolidation increasingly appears aimed not just at geographic scale, but at acquiring expertise and higher-value services that are harder to build organically. Mike Hockett is MDM's executive editor, having joined the publication in March 2022. He oversees MDM's editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett works from his home in Madison, WI. He can be contacted at [email protected]. Recommended Reading