Siparex has acquired Phase Neutre (123 Elec) from B & Capital

January 2026 — An investor consortium led by Siparex Midcap has acquired Phase Neutre (123 Elec) from B & Capital. The consortium will support management in accelerating the group’s growth trajectory. 123 Elec aims to strengthen its development, particularly in the B2B segment, through the expansion of its product offering, enhancement of its service capabilities and continued investment in digital and AI tools. The group plans to accelerate the rollout of its multi-site strategy, including a dedicated platform for professional customers. It is also exploring opportunities for international expansion and targeted bolt-on acquisitions focused on complementary products, customer bases and geographic markets.

Siparex Group is an independent French private equity specialist with approximately US$3 billion in assets under management. The group focuses on supporting the development and transformation of companies.

123 Elec is an online electrical equipment retailer serving experienced DIY enthusiasts and professionals.

B & Capital is a private equity firm that partners with managers of promising small and medium-sized enterprises (SMEs), helping them unlock their next stage of growth and transformation. The firm focuses on three key levers to achieve its objectives: add-on acquisitions, international expansion and digitalization.

Our role in the transaction

Oaklins’ team in France acted as the buy-side M&A advisor and debt advisor to Siparex in this transaction, demonstrating its expertise in executing bilateral processes and securing financing within a tight timeframe