Eurazeo looks to up stake in Rexel

Industrial Distribution staff -- Industrial Distribution, 9/4/2008 7:46:00 AM

French investment firm Eurazeo intends to increase its stake in Rexel, the Dow Jones news service reported.

Chairman Patrick Sayer told analysts on a conference call that Eurazeo, which together with two other private equity firms owns roughly 73 percent of Rexel’s stock, believes the French electrical distributor’s stock is undervalued. Rexel’s stock went public on the Euronext stock exchange in March 2007.

The comments follow Sayer’s remarks in March that the firm would consider buying some or all of the Rexel shares co-owned with private equity firm Clayton, Dubilier & Rice and the private equity arm of Merrill Lynch.

Eurazeo recently dumped most of its stake in French industrial gases distributor Air Liquide and divested its holdings in French food products firm Groupe Danone SA, leaving it with roughly $2.89 billion to invest, according to the news service.

Rexel ranked first on INDUSTRIAL DISTRIBUTION’s 2008 Top 10 List of Electrical Distributors, with sales of $14.7 billion last year.

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