Würth Electrical Wholesale Group enters Spanish electrical wholesale market with acquisition of Grupo Electro Stocks S.L.U.
On 7 June 2019, Würth Electrical Wholesale Group signed an agreement to acquire Grupo Electro Stocks S.L.U. (GES), one of the leading companies in the Spanish electrical wholesale market, from Funds advised by Apax Partners. GES is headquartered in Barcelona. Thanks to its 69 outlets, the company offers its customers an almost national coverage, including the Balearic and Canary islands.
The proposed transaction is subject to clearance by the antitrust authorities.
Based on the strong appreciation of local entrepreneurship, Würth Electrical Wholesale Group is comprised of companies, which are leading regional or national players. The individuality of each company is underlined by the fact that each of these companies operates under its own brand. These companies benefit from their ability to draw on central resources and join hands for projects wherever that promises to be advantageous. Ulrich Liedtke, Executive Vice President of Würth Electrical Wholesale Group and responsible for the business in seven European countries, comments: “Hence, we do not foresee any changes in the way GES is operating in its market. We are very glad to continue in the direction of the growth strategy, which the management team of GES and Apax Partners have successfully laid out and implemented. Therefore, we are also very grateful that the management team of GES, under the proven leadership of its CEO Ricard Vilella, has opted to continue in their respective roles. We look forward to welcoming the entire team of GES to the family of the Würth Group, once approval of the antitrust authorities has been obtained.”
Grupo Electro Stocks S.L.U. is active in the distribution of electrical, automation, climate control and plumbing material. The company was founded in Barcelona in the year 1981. Since then, it has developed to become one of the leaders in its sector. At present, it maintains a wide presence throughout the Spanish geography through its three commercial brands Electro-Stocks, Kilovatio and Fluid-Stocks. More than 900 employees serve customers every day through 69 points of sale, distributed across 30 provinces, representing 80 percent of the total accessible market.
The Würth Group’s Electrical Wholesale Business Unit, which is one of the leading electrical wholesalers on the continental European market, is headed by Executive Vice Presidents Ulrich Liedtke and Uwe Schaffitzel. They are responsible for the unit’s operations in Central and Eastern Europe and Germany, respectively. In 2018, Würth Electrical Wholesale Group reported revenues of approximately EUR 1.7 billion overall and EUR 1.2 billion in Germany, achieving 13 percent sales growth on the previous year (incl. acquisition effects). This sales volume accounts for more than 12 percent of total sales of the Würth Group.