Effective 27 June 2018, the Würth Electrical Wholesale Group expanded its presence in Italia by agreeing a strategic partnership with MEB s.r.l, a leading electrical wholesaler in Italy headquartered in Schio, Veneto. MEB is active in the regions of Trentino, Friuli, Veneto and Lombardia. The partnership is based on Würth Electrical Wholesale Group acquiring a majority interest in MEB s.r.l. The key element of this partnership is the continuation of the current board members and management team in their respective functions.
The proposed transaction is subject to agreement of the antitrust authorities.
In February 2015, Würth Electrical Wholesale Group entered the Italian market with the formation of a strategic cooperation with MEF s.r.l, headquartered in Florence. Since day one this business model has developed successfully, which is also mirrored by the fact that, today, MEF employs more than 600 individuals – about one hundred more since the start of the cooperation. Encouraged by this success, both partners are very happy to welcome the management team and all employees of MEB s.r.l.
Leonardo Giaffreda, President of MEF s.r.l. and board member of W.EG Italia explains: “The recent years brought a rapid development for MEF. The new central warehouse started successfully, new branches in Lazio, Umbria, Emilia and since February 2018 also in Milano were opened. We knew the next logic step was to find a partner which shares our passion for growth based on team spirit and shared values. We are very glad, that the owner families of MEB s.r.l. ultimately find our strategic cooperation model the most convincing one for their company.”
Bruno De Guio, President of MEB s.r.l. confirms: “Being a very successful company in Northern Italy we were considering various options how to further grow and by the same time also sustain the company spirit and culture of MEB s.r.l. Based on our perception of the cooperation between MEF s.r.l. and Würth, we have decided that this kind of model would be the best fit for us.”
Ulrich Liedtke, Executive Vice President of Würth Electrical Wholesale Group and responsible for the business in seven European countries adds: “Based on the strong appreciation of local entrepreneurship, Würth Electrical Wholesale Group is comprised of companies which are leading regional or national players. The individuality of each company is underlined by the fact that each of these companies operates under its individual brand. These companies benefit from their ability to draw on central resources and join hands for projects wherever that promises to be advantageous. Hence, we are confident that MEB s.r.l will gain access to an environment in which all its existing strengths can be further developed and additional support is available if needed.” He continues: “Consequently, we have an agreement between all stakeholders, that MEB s.r.l. will continue all of its activities as before the transaction. Under the roof of W.EG Italia, which in the future will be chaired by Leonardo Giaffreda, we will have a management board, in which both operating companies are represented by one member to discuss and agree cooperation whenever opportunities arise. In this respect we are very happy that Bruno De Guio offered to look after the further business development in Northern Italy while Daniele Giaffreda kindly agreed to take the lead in the contacts to all key suppliers. Both will take on these responsibilities in addition to their current roles in MEB and MEF.”
MEB s.r.l was founded in Schio, Veneto in 1992 and achieved revenues of EUR 107 million in 2017. It employs more than 250 individuals and operates out of 24 outlets. The product spectrum consists mainly of lighting, building automation, low voltage power distribution and controls, renewable energy, cables and a broad portfolio of industrial automation products. The product offering is complemented by excellent customer support and other services. MEB s.r.l is a highly respected and leading company in its markets. MEB s.r.l. serves more than 13,000 active customers with electrical installers representing the biggest group.
Würth Electrical Wholesale Group, a subsidiary of the Würth Group, is a leading electrical wholesaler concentrating on the continental European market. In 2017, the electrical wholesale business had revenues of approximately EUR 1.5 billion, achieving 8.5% sales growth vs. the previous year. This sales volume accounts for approx. 12 % of total sales of the Würth Group.