Würth Electrical Wholesale Group (W.EG) enters Italian market
Effective February 2015, the German Würth Electrical Wholesale Group started a strategic cooperation with MEF s.r.l, a leading electrical wholesaler in Italy headquartered in Florence, which is active in the regions of Tuscany, Liguria, Umbria and Latium. Based on the shared vision of being a driving force in the on-going consolidation process in this industry, both partners will benefit from each other’s strengths. The partnership is backed up by a financial transaction in which Würth Electrical Wholesale Group will acquire a substantial financial interest in MEF s.r.l.
Corporate News
With this transaction, Würth Electrical Wholesale Group, which is already active in seven European countries, is extending its footprint to one of the biggest electrical wholesaling markets in Europe. “Based on the strong appreciation of local entrepreneurship, Würth Electrical Wholesale Group is comprised of companies which are strong regional or national players. The individuality of each company is underlined by the fact that each of these companies operates under its individual brand. These companies benefit from their ability to draw on central resources and join hands for cooperation projects wherever that promises to be advantageous. Hence, we are confident that MEF s.r.l will gain access to an environment in which all its existing strengths can be further developed and additional support is available if needed,” explains Ulrich Liedtke, Executive Vice President of Würth Electrical Wholesale Group.
Leonardo Giaffreda, one of the six family members who – together with all other family members – will continue in both of his current roles as president and shareholder, adds “At MEF s.r.l, we have been a family business for 47 years which is why we see the Würth Electrical Wholesale Group – also a family-owned business – as an ideal partner. We think this will become an innovative project, something new and original for the Italian market. Thus, MEF s.r.l’s role as an expanding and successful company will even be strengthened to serve as a platform for further expansion in the Italian market. Thanks to this, all our employees, customers and suppliers will benefit from a clear, promising and lasting future perspective.
MEF s.r.l was founded in Florence in 1968 and turned over more than EUR 120m in 2014. It employs nearly 500 individuals and operates out of 32 outlets. The product spectrum consists mainly of lighting, building automation, low voltage power distribution and controls, renewable energy, cables and industrial automation products. The product offering is complemented by a broad range of customer support and other services which is the very reason why MEF s.r.l is regarded as a “multi-specialist” in its market. MEF s.r.l serves more than 10.000 active customers with electrical installers representing the biggest group of customers.