Audax Private Equity has entered into a definitive agreement to sell GCG, a Chicago-based provider of specialty wire, cable, connectivity and power solutions, to energy products distributor Rexel.
The transaction is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.
GCG serves customers across data centers, power and utility infrastructure, grid modernization, communications, defense and other industrial markets. The company operates 16 locations globally, employs approximately 950 people and expects 2026 revenue to exceed $1.1 billion.
Audax acquired the business in 2019 through a carveout of Genuine Parts Co.’s Electrical Specialties Group and subsequently separated GCG and EIS into independent companies. EIS was sold in 2024.
During Audax’s ownership, GCG completed 12 acquisitions and expanded its core specialty wire and cable operations. The company also sold its Automation & Factory Solutions business to a strategic buyer in July. Audax said GCG has delivered double-digit annual revenue growth since 2019 while increasing earnings and EBITDA margins.
“Over the past several years, our team has transformed GCG into one of the leading platforms in our space serving some of the fastest-growing end markets in industrial distribution,” GCG CEO Glenn Pennycook said.
The transaction represents the seventh realization announced or completed by Audax Private Equity’s Flagship strategy in 2026. Other recent exits include Flow Control Holdings, StatLab Medical Products, Harbourfront Wealth Group, FDH Aero and Colony Hardware.
Solomon Partners and J.P. Morgan are serving as financial advisors to GCG and Audax, with Kirkland & Ellis and Fredrikson & Byron providing legal counsel. Guggenheim Securities and Rothschild & Co. are advising Rexel, with Sidley Austin serving as legal counsel.