Rexel (France) has sold Haagtechno to Panasonic (Japan)
Rexel has signed an agreement to sell its Dutch Haagtechno to Panasonic. Haagtechno has been the exclusive partner of Panasonic in the Netherlands for more than 45 years and became a subsidiary of Rexel following the acquisition of Hagemeyer in 2008. The acquisition of Haagtechno enables Panasonic to work directly with its Dutch business partners.
Haagtechno, located in ‘s-Hertogenbosch and established in 1964, represents the Panasonic brand in the Netherlands and operates as the exclusive distributor of Panasonic and related consumer electronics products in the Netherlands. The company generated sales of approximately EUR 150 million in 2009 and employed 88 people.
Rexel is a leading global distributor of electrical supplies, serving the industrial, commercial and residential markets. The company’s head office is located in Paris, France. Rexel employed 28,000 people and reported net revenues of EUR 11.3 billion in 2009.
Panasonic Corporation is a leading worldwide developer and manufacturer of electronic products. Based in Osaka, Japan, the company recorded net sales of JPY 7.4 trillion for the year ended 31 March 2010.
PhiDelphi Corporate Finance acted as advisor to Rexel.