B & Capital announces the sale of 123 Elec to a pool of investors led by Siparex Midcap

After five years of partnership, B & Capital and the management team of Phase Neutre (123 Elec), led by Michel Chavès, have completed the sale of the group to Siparex Midcap as part of a majority LBO transaction.

A leading player in online electrical equipment distribution in France, 123 Elec has established itself as a benchmark platform thanks to strong double‑digit organic growth, nearly 400,000 orders per year, and a continuously improving digital infrastructure. Between 2019 and 2025, the group’s revenue increased from €43 million to over €90 million, highlighting the strength of its model and the impact of B & Capital’s support over the past years.

Alongside its new investors, 123 Elec will continue accelerating its development, particularly through the expansion of its B2B offering, the enhancement of its digital and AI‑driven tools, and the exploration of targeted external growth and international opportunities.

Press release available here.