takeover

News aus der Elektroindustrie

04
Feb

The Dutch wholesale groups itsme and Oosterberg have merged and founded a joint venture under the name of itsoos...

The Dutch wholesale groups itsme and Oosterberg have merged and founded a joint venture under the name of itsoos, which focuses on investments abroad. On February 3rd, the first step followed with the takeover of the German electrical wholesaler Hardy Schmitz. Schmitz belongs to the DEHA marketing group.

itsme achieved annual sales of EUR 235 million in 2020 and has 475 employees in 17 branches in Belgium, Germany, the Netherlands, Romania and Spain. Itsme is part of the international marketing group IDEE.

Oosterberg is currently only active in the Netherlands, has 20 branches and had a turnover of EUR 215 million in 2020.

Hardy Schmitz belongs to the DEHA marketing group, has six branches and expects annual sales of around EUR 150 million. The DEHA Group is a member of IDEE, to which itsme also belongs.

Well-known electrical wholesalers such as Bürkle, Löffelhardt, Obeta and Zajadacz are also members of DEHA.

In the context of the takeover, the interesting question is why none of the aforementioned companies wanted or could take over Hardy Schmitz.

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Rexel announced on 2nd February that it had acquired WESCO International's Canadian subsidiary (WESCO Canada Utility)...

Rexel announced on 2nd February that it had acquired WESCO International's Canadian subsidiary (WESCO Canada Utility). WESCO had merged with Anixter in June 2020 and in this context agreed with the Canadian competition authority that they would sell their Canadian sales company in return. The net proceeds of this deal would be used to repay WESCO's debt.

WESCO Canada operates in an environment where hydropower accounts for more than 60% of electricity generation and more than 2/3 comes from green energy. The company operates four offices in Canada with around 60 employees and sales of over USD 70 million (EUR 58 million).

This is a unique opportunity for Rexel to accelerate its development in Canada in the attractive and environmentally friendly hydropower business and to benefit from the recurring service revenues.

With this takeover, Rexel also wants to prove that it has repositioned itself in the recent past and is ready again to take up its acquisition strategy and take over companies that complement its own activities and product range in order to increase the company's value.

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15
Dec

Eaton buys Chinese manufacturer...

Eaton buys Chinese manufacturer

Eaton will acquire 50% of the Chinese HuanYu High Tech. HuanYu High Tech (sales in 2019 106 m USD = 87 m EUR) is a subsidiary of the HuanYu Group, one of the leading manufacturers of low-voltage circuit breakers in China, with contacts throughout Asia and the entire Pacific region.

This partnership gives Eaton (sales in 2019 21.4 bn USD = 17.6 bn EUR) access to the broader Southeast-Asian market and allows it to expand its business in Asia even further.

The transaction is expected to close in the 2nd quarter of 2021, by then all official closing conditions have been implemented.

The HuanYu Group is a leading Chinese manufacturer of electrical appliances. The company was founded in 1989 and has its headquarters and manufacturing facilities in Wenzhou. The main sectors served are renewable energies, communication, chemistry, medical, transport, i.a.

 

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DKC takes over Sati

The Russian electrical appliances and cable tray manufacturer DKC will be investing in the Italian metal cable tray manufacturer Sati Italia from Rivoli (TO) from 1st January 2021.

The entry via Sati into the Italian market and possibly other European markets (?) is part of the expansion strategy of the DKC group, which is the leader in Russia with cable carrying systems for electrical wholesalers.

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Ahlsell takes over the Vent Group Nordic AB

Ahlsell has signed an agreement to acquire Vent Group Nordic AB. The company generates annual sales of around SEK 135 million (EUR 13.2 million), which means that Ahlsell is expanding its range with products from leading suppliers in the ventilation industry.

The Vent Group's activities are carried out from branches in Stockholm, Gothenburg and Malmö and significantly strengthen Ahlsell's ventilation range on the market.

The acquisition is expected to be completed in January 2021.

Ahlsell recently had sales of approx. 32 bn SEK (3.1 bn EUR) and employs more than 5,700 people in over 240 branches.

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Home Depot from Atlanta / Georgia, the world’s largest home improvement retailer...

Home Depot from Atlanta / Georgia, the world’s largest home improvement retailer, is taking over HD Supply, one of the largest industrial wholesalers in North America. Home Depot pays for all outstanding common stock an amount of USD 8 bn (EUR 6.7 bn).

The acquisition is expected to close in the fourth quarter, with Home Depot's fiscal year ending January 31, 2021. The deal comes just days later after speculation, that Lowe, the U.S. second-largest home improvement retailer, might acquire HD Supply.

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09
Jul

The European Commission has unconditionally approved the planned takeover of OSRAM by AMS....

The European Commission has unconditionally approved the planned takeover of OSRAM by AMS.

There do not seem to be any barriers for new entrants. Consulted market participants either appear to support the transaction or are not affected at all. Therefore, there are no concerns about any distortion of competition. The Commission also found that the merged company did not have sufficient market power to affect competition.

Ams AG is a multinational semiconductor manufacturer headquartered in Premstätten in Austria. The company operates in the consumer, industrial, medical technology and automotive sectors.

OSRAM, headquartered in Germany, is a photonics company that offers lighting solutions and sensors worldwide. The product portfolio includes a wide range from LEDs to light management systems as well as traditional and special lamps.

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nVent Electric, is a world leader in electrical connection and protection solutions, acquired....

nVent Electric, is a world leader in electrical connection and protection solutions, acquired the enclosures manufacturer Eldon based in Jaen / Spain on 4 September 2019.

The purchase price is approx.130 m USD (119 m EUR) and the assumption of debts. Eldon manufactures mainly in Romania and in 2018 they had a turnover of approx. 90 m USD (82 m EUR). The purchase has yet to be approved by the competition authority.

The Eldon enclosure program fits well with nVent, which already has a leading position in the market with its Erico, Hoffmann, Schroff, Raychem and Tracer brands.

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29
Aug

Osram has canceled the existing standstill agreement with AMS and signed a cooperation agreement. .....

Osram has canceled the existing standstill agreement with AMS and signed a cooperation agreement. This allows the Austrian semiconductor group to submit a voluntary public takeover bid. The offer is expected to be at 38.50 EUR in cash per share, i.e. 10% more than from the financial investors Bain Capital and the Carlyle group. However, the condition for the sale is that at least 70% of Osram shareholders sell their securities.

Olaf Berlien, CEO of OSRAM Licht AG, is pleased that his shareholders can now choose between two offers. It is important for him in addition to a secure financing, the preservation of the interests of his employees. The cooperation agreement with AMS therefore stipulates that Munich will become Co-headquarter with global central functions and the name Osram will remain.

The big challenge lies in the fact that an industrial group with almost 4 bn EUR turnover should be taken over by a much smaller company.

The digital business and the consumer business with LED lamps, however, will be sold.

The deal must still be approved by the relevant competition authorities.

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13
Aug

In our electro-insider on July 9, we reported that Osram is going to be sold,....

In our electro-insider on July 9, we reported that Osram is going to be sold, whereupon a bidder consortium from Bain Capital and the Carlyle Group wanted to completely take over Osram and offered 35 EUR per share in cash.


Now, the Austrian semiconductor group AMS from Premstetten has submitted an offer for 38.50 EUR per share, which would be about 300 m EUR more than from the financial consortium.

However, the committee headed by the Osram CEO, Olaf Berlien, supports the offer of the two financial investors, who have founded a holding called Luz (C-BC) Bidco GmbH specifically for this takeover.


If Luz Bidco gets the contract, it is, amongst other things, the goal of taking Osram from the stock market.

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09
Jul

A bidding consortium comprising Bain Capital and the Carlyle Group ...

A bidding consortium comprising Bain Capital and the Carlyle Group has submitted a legally binding transaction offer to the management board and the supervisory board of OSRAM Licht AG for the public takeover of all Osram shares.

Osram and the consortium have also signed an investor agreement that includes comprehensive commitments. Bain and Carlyle have assured that they will fully support the management team and work closely with the current board to drive the transformation of Osram forward. Osram will  continue after the takeover under the existing name. The company headquarters remain in Munich, and the rights to all patents remain with Osram.

As part of the public takeover offer, shareholders will be offered 35 EUR per share in cash. This corresponds to a premium of around 21% compared to the last closing price of the Osram share.

Olaf Berlien, the CEO of Osram, supports the offer.

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At the beginning of June 2019, Würth acquired the electrical wholesalers Electro-Stocks,

At the beginning of June 2019, Würth acquired the electrical wholesalers Electro-Stocks, headquartered in Barcelona and 56 branches. The group also includes the companies Kilovatio and the newly established company Fluid-Stocks. In total, there are now about 65 branches with a turnover of approx. 300 m EUR.

Electro-Stocks was founded in 1981 and was taken over in 2016 after some financial turbulences by the British investment company Apax Partners.

Mid-2018, Electro-Stocks has started a new business model; under the brand "Fluid-Stocks", they will concentrate exclusively on climate, plumbing and professional refrigeration.

With this new acquisition, Würth is now, after Rexel and Sonepar, the number 3 of the electrical wholesale groups in Spain.

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