Legrand pursues expansion in new economies and signs joint venture agreement¹ with Daneva in Brazil
Legrand accelerates expansion in new economies by signing a joint venture agreement¹ with Daneva, Brazil’s leader in connection accessories
The acquisition reinforces Legrand’s already strong positions in Brazil and its presence with local retailers
After buying up umeric UPS and Aegide, Legrand is actively pursuing its strategy of targeted, self-financed acquisitions of small and mid-size companies with leading market positions, and has announced the signature of a joint venture agreement¹ with Daneva in Brazil. The group has acquired a 51% equity interest, with an option to take full control from April 2014.
The acquisition of Daneva, uncontested leader of the Brazilian market for connection accessories (including extension cords, multi-sockets and adaptors), rounds out Legrand’s offering and existing strong positions in Brazil, where the group is already o. 1 in wiring devices, door entry systems, miniature circuit-breakers, industrial enclosures and UPS² .
More generally, Legrand plans to continue to expand in new economies, which account for around 38% of its total sales on an annual basis.
Based near Sao Paulo, Daneva has nearly 500 employees and reported sales of around €28 million in 2011.
¹ Subject to the approval of Brazil’s competition authorities
² UPS: Uninterruptible Power Supply