Legrand: 2002-2013

Published : 22.06.2013
#Success Story

Wendel acquired Legrand in 2002 from one of its competitors, in equal shares with a co-shareholder, KKR (Kohlberg Kravis Roberts & Co).

Positioned in a highly fragmented global market with high entry barriers, Legrand is a leader specializing in the development of innovative solutions in the electrical, home automation, lighting management and energy efficiency segments.

From 2002 to 2013, Wendel made a major contribution to Legrand’s operational improvement and development, notably through a successful IPO in 2006 and more than 30 acquisitions, as well as a successful management succession. A growth strategy that enabled Legrand to increase its revenue by 55% between 2002 and 2012.

After eleven years in the company’s capital, Wendel sold its remaining shares (14.4 million, or 5.4% of the capital, at a price of €36 per share) in Legrand in June 2013 in order to materialize the success of its investment and undertake other projects. With proceeds from the sale of approximately €520 million, this transaction enabled Wendel to record a capital gain of approximately €370 million.

In total, from 2002 to 2013, Wendel invested €659 million in the global specialist in electrical and digital building infrastructures and generated €2.5 billion in income from divestments and dividends over the period.

Wendel’s investment in Legrand generated an overall IRR of 19% and a multiple of 3.9x over eleven years.

The manager, Gilles Schnepp, has agreed to represent Wendel for several years on the Board of Directors of Saint-Gobain.

  • 11 years of ownership
  • Global specialist in electrical and digital building infrastructures
  • Revenue growth of 55% between 2002 and 2012
  • Over 30 acquisitions
  • Re-introduction to the stock market in 2006
  • Investment multiple of 3.9x
  • Amount invested by Wendel: €659 million
40 years

40 years of sustainable growth

For more than 40 years, Wendel has been a pioneer in the private equity sector. Over the decades, the Group’s teams have made bold investment choices at strategic times. These successes are illustrated by the creation of world leaders specializing in various sectors.