Rexel: Electric leverage

Private-equity players who often complain they get a bad rap might think about using Rexel as evidence on their behalf. The electrical-parts distributor was purchased two years ago by private equity firms Clayton Dubilier & Rice, Eurazeo and Merrill Lynch. They have now filed for a listing of the shares on the Paris stock market. True to form, the sponsors will make a killing. The company bought for E3.7bn will probably be valued at about E6.5bn, maybe more. The consortium put up E1.6bn in equi...