Investec advised Sonepar on the disposal of its Norwegian subsidiary to Solar A/S

About the deal

Investec acted as exclusive financial advisor to Sonepar, a global leader in B-to-B distribution of electrical equipment, solutions and services, on the sale of its Norwegian subsidiary, Sonepar Norge, to Solar A/S.

Based in Drammen, Sonepar Norge is a trusted player in Norway’s electrical B-to-B distribution market, serving a loyal base of nearly 4,000 customers across the installation and industrial segments. The company generates nearly NOK 1.2 bn (c.€100m) in sales and offers more than 12,000 SKUs, with a focus on ESG-compliant sourcing. Operating 13 locations across Norway and a fully automated central distribution warehouse, Sonepar Norge provides nationwide coverage and a seamless omnichannel experience supported by a skilled team of 115 employees.

The acquisition by Solar A/S, a leading European distributor of electrical solutions (listed on Nasdaq Copenhagen and reporting over € 1.6bn revenues), will create one of Norway’s leading B-to-B providers of electrical, ventilation, climate, and energy solutions with a combined product offering of 25,000 SKUs, and annual revenues of around NOK 3.7 bn (c.€330m).

The transaction is expected to deliver significant operational and commercial synergies while enhancing the ESG product offering and strengthening physical distribution channels.

About Solar

Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and energy solutions with a core business centred on product sourcing, value-adding services and optimisation of customers’ businesses.

Solar Group is headquartered in Denmark, generated revenue of around €1.6bn (DKK 12.2 bn) in 2024 and employs nearly 2,900 people. The company is listed on Nasdaq Copenhagen (CPH: SOLAR-B).

Our role

Investec acted as exclusive financial advisor to Sonepar throughout the disposal process of its Norwegian subsidiary:

• Deal preparation: we prepared the business for sale by defining the equity story, assessing carve-out complexities, reviewing management’s business plan, monitoring vendor due diligence, to create the right set of marketing documentation. We also shaped the transaction strategy (profile of process & related pace) based on feedback received from pre-process discussions with a selection of potential acquirers.
• Deal execution: we monitored a bespoke auction process with a limited number of qualified bidders, supported the management team in meetings with prospective bidders, supervised bidder’s due diligence phase, and assisted in the final negotiations of the transaction documentation to secure the most favorable transaction terms.

This deal illustrates our ability to assist large corporates in divesting non-core assets and further reinforces our expertise within the professional distribution market. This deal also highlights our commitment to supporting key players active in the energy transition.