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Legrand pursues its investments in buoyant segments

Business Wire
·2-min read

Acquisition of Enovation1 in assisted living and healthcare and of Netrack in datacenters

LIMOGES, France, April 23, 2024--(BUSINESS WIRE)--Regulatory News:

Legrand (Paris:LR) is actively implementing its development strategy with two acquisitions in the promising areas of assisted living, healthcare and datacenters, further strengthening the Group's leadership in its faster expanding segments.

Enovation is the Dutch leader in healthcare software in the market for connected health and assisted living.

Specializing in B-to-B, Enovation's offerings include software for remote monitoring of elderly and dependent persons using connected objects, sharing health information and data, and coordinating care between facilities, providers, and professionals.

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With a loyal customer base and a largely recurring revenue stream, Enovation has a significantly higher adjusted operating margin than Legrand.

Enovation is based in Rotterdam, employs over 350 people and has annual sales of over €60 million.

This acquisition rounds out Legrand's existing offerings in assisted living, which have been grouped together under the "Legrand Care" brand since 2021 (Legrand | Care). By acquiring Enovation, Legrand Care strengthens its European leadership in technology and software solutions in the assisted living and health market.

Netrack is an Indian specialist in server and network rack manufacturing.

As a long-standing player in this market, Netrack is known for its high-quality products, which are a popular choice in many datacenter projects.

Based in Bangalore and employing over 250 people, Netrack reports annual revenue of around €10 million. With this acquisition, Legrand strengthens its position in datacenters, a rapidly developing segment that represented 15% of the Group's revenue in 2023.

Benoît Coquart, Legrand’s Chief Executive Officer, commented: "We are very pleased to announce these investments in areas that are at the heart of buoyant trends (connected solutions, datacenters) and as such, of our growth acceleration strategy. We are also excited to work with the teams of these industry-leading companies."

Key financial dates:

  • 2024 first-quarter results: May 3, 2024
    "Quiet period2" starts April 3, 2024

  • General Meeting of Shareholders: May 29, 2024

  • Ex-dividend date: May 31, 2024

  • Dividend payment: June 4, 2024

  • 2024 first-half results: July 31, 2024
    "Quiet period2" starts July 1, 2024

  • Capital Markets Day: September 24, 2024

About Legrand

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings—including products with enhanced value in use (faster expanding segments: datacenters, connected offerings and energy efficiency programs). Legrand reported sales of €8.3 billion in 2022. The company is listed on Euronext Paris and is notably a component stock of the CAC 40, CAC 40 ESG and CAC SBT 1.5 indexes. (code ISIN FR0010307819).
https://www.legrandgroup.com

Readers are invited to verify the authenticity of Legrand press releases with the CertiDox app. Learn more at www.certidox.com

1 Subject to standard conditions precedent.
2 Period of time when all communication is suspended in the run-up to publication of results.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240422103142/en/

Contacts

Investor relations
Legrand
Ronan Marc
Tel: +33 (0)1 49 72 53 53
ronan.marc@legrand.com

Press relations
TBWA Corporate
Tiphaine Raffray
Mob: +33 (0)6 58 27 78 98
tiphaine.raffray@tbwa-corporate.com