Top News > Rexel – Rexel to acquire GCG, a leading specialty infrastructure platform in the US, a key milestone on Rexel’s strategic roadmap

Rexel – Rexel to acquire GCG, a leading specialty infrastructure platform in the US, a key milestone on Rexel’s strategic roadmap

September 25, 2026
Rexel

  • Seizing a major opportunity to expand our US business, adding a c.$1.1bn sales specialty infrastructure platform 
  • Leveraging GCG’s exposure to high growth segments & strong value-added customer service 
  • $1.4bn Enterprise Value acquisition at an attractive <8x 2026e EBITDAaL multiple post run-rate synergies 
  • Reaching all strict financial criteria, including EPS accretion in year 1 & value creation by year 3, supported by targeted cost synergies 
  • Providing an accelerated path to Rexel’s mid-term financial objectives 
  • Financed through a mix of existing cash on hand and debt, alongside an equity raise of up to €500m to preserve credit rating and balance-sheet flexibility. Remain committed to an indebtedness ratio of c.2x from 2027 onwards

 

Rexel has entered into an agreement with Audax Private Equity (“Audax”) to acquire GCG, a leading US provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications. 

Headquartered in Chicago, Illinois, GCG operates 16 locations with approximately 950 employees and is expected to reach over $1.1 billion of revenue in 2026.

 

Compelling value-added service, exposed to high growth segments

GCG combines specialty distribution with a complete range of advanced services including engineering, custom assembly, product modification, kitting, testing and rapid fulfillment. A significant portion of its revenue is generated from proprietary offerings, while more than 75% incorporates value-added products or services. These capabilities allow GCG to participate further upstream in product design and specification, help customers reduce installation time and labor, and build more embedded customer relationships.

The acquisition will position Rexel at the center of several powerful mega trends reshaping the global economy and its electrification. More than 60% of GCG’s revenue is exposed to high growth segments including data centers, power/utilities infrastructure, grid modernization, communications, defense, utilities and other long-term growth markets where artificial intelligence, rising electricity demand and increasing technical complexity are driving sustained infrastructure investments.

Since 2019, GCG has delivered double-digit annual revenue growth and is expected to reach a c.11% EBITA margin in 2026, reflecting GCG’s exposure to structurally attractive end-markets, proprietary products, technical expertise and its value-add operating model.

Rexel’s Board of Directors has unanimously approved the acquisition of GCG.

 

Executing our value creating M&A strategy

This acquisition is fully aligned with Rexel’s strategy to accelerate further in its core geographies and is a strong driver of the Group’s accelerated sales growth.

Rexel also expects to generate meaningful cost synergies from GCG through scale, logistics optimization, insourcing and select efficiencies. In addition, the combination also creates significant commercial opportunities by bringing GCG’s engineered solutions and specialty distribution capabilities to Rexel’s broader customer base.

The transaction values GCG at an Enterprise Value of approximately $1.4 billion, corresponding to a <8x 2026e EBITDAaL multiple including anticipated run-rate synergies. This transaction respects all financial M&A criteria, including EPS accretion in year 1 and value creation by year 3.

 

Preserving our balance sheet

Rexel plans to finance GCG through a mix of existing cash on hand, and debt for c.€800 million.

The Group also intends to raise up to €500 million equity through an accelerated bookbuilding offering (subject to market conditions), to preserve its credit rating and maintain a net financial debt / EBITDAaL ratio around 2x from 2027 onwards.

As such, Rexel will maintain a balanced capital allocation strategy between a consistent dividend policy of at least 40% payout and a self-funded value creative acquisition strategy allowing the Group to continue delivering solid growth and returns to shareholders.

The transaction is expected to close by 2026 year-end, subject to customary regulatory approvals and closing conditions.

Guillaume Texier, Chief Executive Officer of Rexel, commented:

The acquisition of GCG is an exciting and major step forward in Rexel’s strategy. It significantly expands our addressable market, strengthening our position in key, fast-growing segments. It moves Rexel into higher-value parts of the infrastructure value chain and creates a more complete offering across electrical power and digital connectivity. It is financially attractive, immediately accretive to adjusted earnings and to Rexel’s EBITA margin, with substantial additional value creation potential from synergies and commercial expansion. GCG also brings high-quality, talented teams with a strong reputation with customers, suppliers and partners, which will be key assets as we build a leading specialty infrastructure platform together. The acquisition of GCG, an exceptional platform combining strong growth, an attractive margin profile and differentiated capabilities is fully in line with Rexel’s Axelerate 28 strategy, which aims at shaping our portfolio towards more growth and more value-added, and is a significant step in the direction of achieving our mid-term objectives.

 

Advisors

Guggenheim Securities and Rothschild & Co served as financial advisors to Rexel and Sidley Austin LLP served as legal advisor. Solomon Partners and J.P. Morgan served as financial advisors to GCG, with Kirkland & Ellis and Fredrikson & Byron serving as legal counsel.

 

Analyst call and further information

Rexel will be hosting a call for analysts and investors at 6.15pm CET on September 25th, 2026. Participants are advised to join the call at least 10 minutes prior to the commencement of the call to register. Presentation materials will be available ahead of the call on the Rexel website.

Please connect to the call via the following link: https://streamstudio.world-television.com/1524-2871-43792/en

To dial in from France: +33 (0)1 70 91 87 04 (code: 596076) or from outside of France: +44 (0) 12 1281 8004 or +1 718 705 8796 (code: 596076)

 

 

Disclaimer

The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 16% of the Group’s sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers’ commercial policies and the competitive environment in the Group’s markets. Changes in copper prices have an estimated so-called “recurring” effect and an estimated so called “non-recurring” effect on the Group’s performance assessed as part of the monthly internal reporting process of the Rexel Group: i) the recurring effect related to the change in copper-based cable prices corresponds to the change in value of the copper part included in the sales price of cables from one period to another. This effect mainly relates to the Group’s sales; ii) the non-recurring effect related to the change in copper-based cable prices corresponds to the effect of copper price variations on the sales price of cables between the time they are purchased and the time they are sold, until all such inventory has been sold (direct effect on gross profit). Practically, the non-recurring effect on gross profit is determined by comparing the historical purchase price for copper-based cable and the supplier price effective at the date of the sale of the cables by the Rexel Group. Additionally, the non-recurring effect on current EBITA corresponds to the non-recurring effect on gross profit, which may be offset, when appropriate, by the non-recurring portion of changes in the distribution and administrative expenses.

The impact of these two effects is assessed for as much of the Group’s total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered, the Rexel Group considers such estimates of the impact of the two effects to be reasonable.

This press release does not constitute or form any part of an offer to sell, exchange or purchase, or solicitation of an offer to buy or exchange, any securities in the United States, Australia, Canada or Japan or in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of this press release may, in certain states or jurisdictions, be restricted by local legislations. Persons into whose possession this press release comes are required to inform themselves about and to observe any such potential local restrictions. This announcement is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada or Japan.

Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorité des Marchés Financiers (AMF) on March 10, 2026 under number D.26-0073. These forward-looking statements are not guarantees of Rexel’s future performance, Rexel’s actual results of operations, financial condition and liquidity as well as development of the industry in which Rexel operates may differ materially from those made in or suggested by the forward-looking statements contained in this release. The forward-looking statements contained in this communication speak only as of the date of this communication and Rexel does not undertake, unless required by law or regulation, to update any of the forward-looking statements after this date to conform such statements to actual results to reflect the occurrence of anticipated results or otherwise

The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.

This document includes only summary information and must be read in conjunction with Rexel’s Universal Registration Document registered with the AMF on March 10, 2026 under number D.26-0073, and the half-year financial report for the six month period ended June 30, 2026 which can be obtained from Rexel’s website (www.rexel.com) .

 

 

SourceRexel

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More information on Axelerate 2028 Plan by Rexel: See the full profile on EMR Executive Services 

 

 

More information on Rexel USA Inc. by Rexel: https://www.rexelusa.com + We’re the US corporate operations of Rexel, one of the largest electrical distributors in the world. Rexel North America 2025 Revenue was at € 8.9bn (46% of total Sales) with 10,086 employees and 660 Branches. Rexel USA, headquartered in Dallas, Texas, operates its electrical distribution business in the United States through eight Regions, a distribution network of over 450 warehouse storefront locations and had 2025 Revenue of € 7.4bn (83% of the North America Region Sales) with over 460 branches in the United States.

Our Focus on Smarter Solutions Made us America’s Premier Distributor.

Other Rexel USA Companies are:

  • PLATT Electric Supply by Rexel USA by Rexel: https://www.platt.com/ + Platt supplies a broad range of high quality products and services to the utility, industrial, electrical, construction, solar, data-com/security and commercial markets.
    • Platt serves customers throughout the west from a network of over 135 full service stocking locations and distribution centers in Salt Lake City, Utah, Beaverton, Oregon, and Patterson, California.
    • Platt is a value-added service company that supplies a broad range of high quality products and services to the utility, industrial, electrical, construction, solar, datacomm/security and commercial markets.
    • Platt services are designed to save time and money using technology, training, logistics and information, ensuring customers receive consistent quality services each and every transaction and/or process.
    • PLATT has been acquired by Rexel in 2012.
  • Mayer Electricby Rexel USA by Rexel: https://www.mayerelectric.com + Electric Supply, Distribution and Connected Solutions. We offer products, solutions, and tools in lighting, DataCom, power distribution, and automation. Serving contractors, industrials, OEMs, institutions, government, utilities, businesses, and residents, we’ve delivered exceptional service and innovative solutions since 1930.
    • As a Rexel USA banner company, Mayer is one of the nation’s largest wholesale distributors of electrical products and equipment, connected solutions, lighting, digital tools, DataCom technologies, power distribution, and automation and control systems. We serve contractors, industrials, OEMs, integrators, institutions, government entities, utility providers, commercial businesses, and residential customers.
    • Founded in 1930, Mayer was a privately-held, family and certified women-owned business that employed over 1,200 associates in over 68 locations across 12 states and generated sales of $1.2bn over the last twelve months through end-August 2021 when acquired by Rexel.
      • More information on Patrick Daley (Senior Vice President, President, Mayer Electric Supply, Rexel USA, Rexel): See the full profile on EMR Executive Services
      • Electrical Supplies Inc. (ESI) by Mayer Electric by Rexel USA by Rexel: https://www.electricalsuppliesinc.com/ + https://www.mayerelectric.com/esi + For the past 40 years, Electrical Supplies Inc. has prided itself on providing our customers with the best overall value in the electrical distribution industry.
        • Our philosophy of delivering the highest quality electrical materials, along with first class customer service at competitive prices, has helped us grow into an industry leader across southeast Florida.
        • With three convenient locations located in Pompano Beach, Miami and Homestead, ESI can supply all your electrical needs.
        • ESI offers an unbeatable combination of product selection, industry knowledge and customer service, all with the efficiency and responsiveness of an independent business. With a fleet of delivery trucks servicing most of south Florida, you can count on us for timely efficient delivery.
        • ESI has been acquired by Rexel on August 1, 2024.
  • Gexpro by Rexel USA by Rexel: https://www.gexpro.com + Gexpro supports customers across the country to create value, lower their total cost of ownership and run their businesses better.
    • Gexpro combines productivity tools, large local inventories and dedicated product and solutions specialists to get customers the electrical supplies they need, when and where they need them. Gexpro supports customers across the country and the world to create value, lower their total cost of ownership and run their businesses better.
    • In addition to our online store, we have over 80 warehouse storefront locations throughout the U.S. where customers can find the electrical material they need for their projects as well as product expertise from our experienced staff.
    • Gexpro has been acquired by Rexel in 2019.
  • Talley Inc. by Rexel USA by Rexel: https://www.talleycom.com/ + Talley aims to be the top wireless distributor in the USA, offering network products for both Private and Public wireless networks. As a Rexel brand, Talley is expanding its focus to cover the full spectrum of telecommunications, including both wired and wireless solutions.
    • Talley LLC. was founded in 1983 under its original name Talley Electronics Corp. The organization was intended to serve the needs of wireless communications professionals in a wide range of industries, from local Public Safety to nationwide Cellular and everything in-between. With 12 facilities nationwide, Talley is now one of the nation’s largest distributors of Wireless Infrastructure, Communications and Mobile Products.
    • Talley serves customers in several industry segments, by stocking inventory from over 300 top industry suppliers. Our inventory reflects the demands of Wireless Communications, Infrastructure, and Mobile Communications users. Talley offers personalized, expert assistance to help you accomplish your projects in the shortest time, providing you with the best possible products at the lowest overall project cost. It means a live industry veteran will be available to you whenever you need assistance, from placing a simple order to helping you plan your next project.
    • Privately held family owned business since 1983.
    • 12 stocking and processing distribution centers nationwide.
    • 300+ Industry-leading manufacturers in stock.
    • 9001 Quality service and best-in-class products. ISO Registered 9001:2015.
    • When acquired in June 2024 by Rexel, Talley generated turnover of c. $360m in 2024 with 300+ employees.
      • More information on Mark Talley (President and Chief Executive Officer, Talley Inc., Rexel USA, Rexel): See the full profile on EMR Executive Services
        • Connectronics by Talley Inc. by Rexel USA by Rexel : https://www.connectronics.com/ + Connectronics is a distributor of wireless and connectivity products selling to VARs, ISPs and System Integrators since 1982.
          • Our mission is to distribute industry leading wireless and connectivity products which exceed our customers’ expectations; including assistance in the design and development of Wireless Backhaul, DAS, PtMP and Client Access solutions. We accomplish this through our dedication to providing professional customer service, prompt delivery and manufacturer certified technical support.
          • Connectronics gives you access to 30+ strategically-selected manufacturers of high-quality wireless and connectivity products.
          • Connectronics was previously owned by Bald Cypress Advisors.
          • Connectronics has been acquired by Talley Inc. in August 2025.
  • Rexel Energy Solutions by Rexel USA by Rexel: https://www.rexelenergy.com + We are a forward-thinking purveyor of energy efficient solutions, exclusively focused on Energy Service Companies and Utility-driven programs.
    • Energy Optimization + Electrification Solutions
    • For the past 35 years, the Rexel Energy Solutions team has enabled our clients to make smart choices for a sustainable future through energy efficiency upgrades in facilities across the country.  As a specifying distributor supporting Energy Service Companies (ESCOs), Utility-driven programs, and energy retrofits, our team implements over 60,000 energy projects across the country annually.
    • A specialized, standalone business unit within Rexel, RES is a stocking distributor of energy efficient products and technologies from top tier manufacturers, and are continually vetting new and emerging technologies to assist our clients in providing comprehensive energy retrofits for their end user clients.   We continue to research new ways to further decrease the levels of greenhouse gases and expand our offering to help create a more sustainable future for generations to come.
    • Rexel Energy Solutions has been acquired by Rexel in 2014 after the acquisition of Munro Distributing.
  • Capitol Light by Rexel USA by Rexel: https://www.capitollight.com + Your National Lighting Source. Capitol Light is a national lighting and electrical distributor to over 275 retail chains, hotels, restaurants, grocery stores, assisted living centers, auto dealerships, financial institutions, casinos, educational facilities, and more!
    • Incorporated in 1926 and with 50 offices coast to coast we are your onestop shop lighting provider. With a customer-centric focus and a culture of cooperation we supply sustainable lighting designs, unparalleled project management for new construction supply needs, the most comprehensive lamp replacement program on the market, lamp recycling, lighting and electrical maintenance for the U.S., Canada and Puerto Rico, complete turnkey remodel/retrofits and we handle all of the administrative duties for qualifying and collecting applicable utility rebates on your behalf.
    • Capitol Light has been acquired by Rexel in 2006.
  • psc (Parts Super Center) by Rexel USA by Rexel: https://www.partssupercenter.com + PSC is a full scope parts program management solution and GE renewal parts center (outsourcing for OEMs).
    • This includes sourcing highly engineered parts, new parts, supply chain, stocking, and inventory optimization programs, life-extension solutions, technical support, and more. Our in-house technical specialists offer critical spare stocking and planning services tailored to your specific installation base, including genuine OEM renewal parts. Whether you need renewal parts, life-extension kits, or complete units, we are committed to providing cost-effective solutions for your business.
    • Originally a department of GE Supply, PSC became its own business in 2006 when Rexel Holdings acquired GE Supply and rebranded the organization. We are licensed to have the original drawings, intellectual property, and over 15,000 SKU’s to support the GE installed base.
    • With over 25 years of experience in the power distribution and control markets, we are highly qualified to assist you with the identification and supply of genuine, OEM renewal parts to help your operations remain efficient and profitable. Whether you need renewal parts, life-extension kits, or complete units, we are your solution.
    • psc has been acquired by Rexel in 2006.
  • Teche Electric Supply, LLC by Rexel USA by Rexel: https://teche-electric.com/ + Keeping you competitive, Keeping youn supplied
    • Teche Electric is an independent, family owned distributor serving commercial/residential construction, industrial and municipal markets. We support new construction, building renovations, maintenance and repair operations (MRO) and original equipment manufacturing (OEM).
    • Teche Electric has been acquired by Rexel in 2023.
      • Reulet Electric Supply by Teche Electric Supply, LLC by Rexel USA by Rexel: https://www.reulet-electric.com + Reulet Electric Supplies is an all inclusive Electrical supply company located Baton Rouge, Louisiana. Reulet sells all products for Commercial, Utility and Industrial electrical applications. It also has a utility tool repair and re-certification division.
        • Reulet Electric Supplies has been acquired by Teche Electric Supply in 2021.
  • Utility Supply Group by Rexel USA by Rexel: https://www.go-usg.com + Utility Supply Group is the premier supplier of electrical products and components for RV parks, campgrounds, marinas, mobile/manufactured home communities, resorts, park management companies and contractors throughout the U.S. and Canada.
    • Utility Supply Group is a nation-wide supplier to RV Parks and Campgrounds.  We ship from warehouses near Kansas City & Seattle to all of North America.  USG maintains over $500,000 in inventory for immediate shipment.  We also drop ship from many manufacturers.
    • Utility Supply Group has been acquired by Rexel in 2021.
  • Valley Electric Supply by Rexel USA by Rexel: https://valleyelectricsupply.net/
    • Valley Electric Supply is a successful longstanding family-owned business located in Glenwood Springs, Colorado which primarily services the Roaring Fork Valley and adjacent geographies in Western Colorado.
    • Valley Electric Supply has been acquired by Rexel in 2022
  • Buckles-Smith Electric by Rexel USA by Rexel: https://www.buckles-smith.com/
    • Premier Electrical ans Automation Solutions provider for Northern California. With over 80 years in the industry, we’ve seen it all, and we understand the frustrations of malfunctioning parts and machinery failure. Buckles-Smith provided integrated electrical and automation solutions by offering high-end customer service and quality products. Buckles Smith operated 6 branches and generated 2022 sales of c. USD150m.
    • As of August, 2023 Buckles-Smith became a banner of Rexel USA.
  • Schwing Electrical Supply Corp. by Rexel USA by Rexel: https://www.schwingelectric.com/
    • Founded by Charles W. Schwing in 1960, Schwing Electrical Supply Corp remains a local, family owned and operated business.
    • We have been servicing the residential, commercial, industrial and OEM electrical markets throughout Nassau and Suffolk Counties for almost 60 years. Schwing Electric has grown from a single 2,200 sq ft location to a multi-location corporation totaling nearly 85,000 sq ft of warehouse space making Schwing Electric the largest independent Supply house on Long Island with 6 locations, around 100 people and $70m sales.
    • Schwing Electrical Supply Corp has been acquired by Rexel on April 1, 2025.
  • Warshauer Electric Supply by Rexel USA by Rexel: https://www.warshauer.com/home +
    • Warshauer Electric Supply was founded in 1954 by Martin Warshauer and is currently led by his son, Jim. With over 70 years of experience as an electrical wholesaler, Warshauer is more than just a full-service supply house – we are your trusted partner for all things electrical! We provide extensive expertise across a range of services, including Switchgear Solutions (featuring a Siemens Custom Quick-Ship Panelboard/Switchboard program), Engineering Services, Generator Sales, Service, and Rentals, Commercial Lighting, Green Energy Solutions, High-End Residential Lighting, Lighting Design, and Hunter Douglas shading solutions.
    • As an industry leader in instruction and education, we offer training for licensed contractors, aspiring electricians, interior designers and architects through various accreditations and certifications by the NJ Board of Electrical Examiners, NJ Department of Labor, ASID-NJ, DE, PA, and City of Philadelphia.
    • With 180 employees and five convenient distribution locations throughout New Jersey (Parsippany, New Brunswick (UEZ Sales Tax), Tinton Falls (HQ), Lakewood (UEZ Sales Tax) and Woodbury), we proudly offer free delivery to any jobsite and promise exceptional fill rates at very competitive price levels.
    • Warshauer Electric Supply has been acquired by Rexel in June 2025.
  • Revere Electrical Supply by Rexel USA by Rexel: https://www.revereelectric.com/ +
    • Revere Electric Supply is a 4th generation, family owned independent electrical distributor with 10 locations throughout Illinois and Southern Wisconsin.  We rely on our industry leading employees; consisting of on-staff experts to build lasting partnerships with our partners and customers.
    • Founded in 1919, Revere has grown from a small Chicago-area distributor into a trusted, multi-location business serving customers across Northern Illinois, Central Illinois, Southeast Wisconsin, and Northwest Indiana. Today, Revere operates 10 locations, employs 375 people, and is widely respected for its capabilities across industrial automation, electrical construction, and value‑added solution delivery. Revere’s long-standing customer and supplier relationships position the company as a cornerstone distributor in the Midwest industrial market.
    • Following the transaction, Revere will continue to operate under the Revere Electric Supply name, maintaining its strong local identity, customer relationships, and market presence.
    • The company operates 10 branches and generated turnover of c. $330.
    • Revere, acquired in May 2026, is Rexel’s 16th acquisition in North America since 2020 and its second biggest.
  • DEE Electronics by Rexel Advanced Services by Rexel USA by Rexel: https://dee-inc.com/ + DEE is a Value-Creation Integrator, a 60 year old company that has been providing Manufacturing Services, Distribution Services, and Sourcing/Logistics Services to Original Equipment Manufacturers (OEM’s) from all industries.
    • DEE provides a compelling and highly Unique Value Proposition and committed consistent savings to OEM’s.  See our Unique Value Proposition page for details.
    • With extreme width/depth in capabilities, extreme flexibility, ultra- responsiveness, and hands-on executive management our relationship, OEM’s tell us that there is no other company like DEE they have as a Preferred Supplier.
    • Founded in 1959 and headquartered in Cedar Rapids, IA, DEE has more than 200 employees and serves OEM customers across North America. Its capabilities include wire harnesses, cable assemblies, printed circuit board assemblies, control panels, control box assemblies, custom kitting, component sourcing and logistics services.
    • DEE combines electronic component distribution with manufacturing and value-added services designed specifically for OEM production and supply chains.
    • DEE Electronics has been acquired by Rexel on July 14, 2026.
  • GCG by Rexel USA by Rexel: https://www.gogcg.com/ + GCG is a family of specialized businesses united by a shared commitment to helping customers succeed. Our companies bring deep industry expertise and value-added capabilities to the markets they serve, backed by the strength, resources, and collaboration of a broader organization.
    • GCG is a leading value-added provider of wire, cable, connectivity, and automation solutions serving diverse markets. With a comprehensive offering of premier brands and custom solutions, GCG is the preferred provider for original equipment manufacturers, contractors, installers, and other end users in attractive, mission critical markets. GCG generates over $1 billion in annual revenue via more than 16 facilities. GCG has cable assembly operations and product engineering capabilities to support unique customer needs and is proud to be a leading wire and cable provider to the U.S. Navy.
    • Headquartered in Chicago, Illinois, GCG operates 16 locations with approximately 950 employees and is expected to reach over $1.1 billion of revenue in 2026.
    • GCG has been acquired by Rexel on September 25, 2026.

 

 

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More information on Audax Private Equity: https://audaxprivateequity.com/ + HHeadquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity is a leading private equity platform focused on investing across the North American middle market. Our objective is to accelerate value creation through our Buy & Build strategy and the Audax Value Agenda™, a holistic framework that seeks to enable, create, and protect value across every stage of the investment lifecycle. As of July 2026, Audax Private Equity had approximately $20.1 billion of assets under management and, since inception in 1999, has invested in more than 180 platforms and more than 1,500 add-on acquisitions.

More information on Geoffrey Rehnert (Executive Chairman, Audax Private Equity): https://audaxprivateequity.com/team +  https://www.linkedin.com/in/grehnert/ 

More information on Young Lee (Partner and Co-President, Audax Private Equity): https://audaxprivateequity.com/team + https://www.linkedin.com/in/young-lee-3404b45b/ 

More information on Keith Palumbo (Partner and Co-President, Audax Private Equity): https://audaxprivateequity.com/team 

 

 

 

More information on Guggenheim Securities: https://www.guggenheimsecurities.com/ + The premier independent investment bank providing unparalleled strategic advice, tailored financing solutions, and specialized market insights through research, sales & trading.

Guggenheim Securities is headquartered in New York, with additional offices in Atlanta, Boston, Chicago, Houston, London, Menlo Park, and San Francisco.

Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners. Our parent company’s history stems from the Guggenheim family business dating back to the late 1800s. Guggenheim Partners began with the mission of creating exceptional value for our clients by applying the principles that made the Guggenheim family one of the most successful innovators, investors, and business managers in American history.

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More information on Alan D. Schwartz (Executive Chairman, Guggenheim Securities): https://www.guggenheimsecurities.com/about/leadership 

More information on Mark A. Van Lith (Chief Executive Officer, Guggenheim Securities): https://www.guggenheimsecurities.com/about/leadership + https://www.linkedin.com/in/mark-van-lith-65393a9/ 

 

 

 

More information on Rothschild & Co: https://www.rothschildandco.com/en-ch/ + At the centre of the world’s financial markets for over 200 years

We are a leading global financial services group, drawing on the experience of seven generations of family control. Our three complementary businesses are united by a shared approach that is a unique fusion of our heritage, scale and expertise.

From our inception to the present day we have retained an entrepreneurial spirit, embracing innovation and looking to go further for our clients. 

More information on Alexandre de Rothschild (Executive Chairman, Rothschild & Co): https://www.rothschildandco.com/en-ch/about-us/corporate-governance/ + https://www.linkedin.com/in/alexandre-de-rothschild/ 

 

 

 

More information on Sidley Austin LLP: https://www.sidley.com/en + Sidley is an elite global law firm. With approximately 2,300 lawyers and 160 years of experience, we have established a reputation for innovative legal strategies to achieve powerful results for our clients in complex transactional, restructuring, crisis management, investigation, regulatory, and litigation matters.

Our perspective and reach are truly global, supported by 21 offices strategically situated in key commercial, regulatory, and financial centers across the world. Our lawyers and business professionals, fluent in more than 75 languages, possess the cultural awareness and cross-border legal acumen needed to bring clarity to a dynamic business landscape.

More information on Yvette Ostalaza (Chair of the Management Committee, Sidley Austin LLP): https://www.sidley.com/en/people#management-committee + https://www.linkedin.com/in/yvetteostolaza/ 

More information on Brian J. Fahrney (Chair of the Executive Committee, Sidley Austin LLP): https://www.sidley.com/en/people#executive-committee + https://www.linkedin.com/in/brian-fahrney/ 

 

 

 

More information on Solomon Partners: https://solomonpartners.com/ + Solomon is a leading investment bank – one of the first independent firms in the industry. Our difference is creating long-term shareholder value through our unmatched industry expertise and decades of experience.

With capabilities across M&A, capital advisory and restructuring, Solomon offers unparalleled knowledge, understanding and access across 12+ core sectors. Working with corporations, founders, private equity sponsors, venture capital investors, and hedge funds, our bankers are fully invested in their client relationships, supporting their goals and objectives.

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  • 220+ Bankers
  • 12+ Industries covered

More information on Marc S. Cooper (Chairman and Chief Executive Officer, Solomon Partners): https://solomonpartners.com/people/ + https://www.linkedin.com/in/marc-s-cooper/ 

 

 

 

More information on J.P. Morgan Chase & Co.: https://www.jpmorgan.com/global + We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $5.0 trillion in assets and $375 billion in stockholders’ equity as of June 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

More information on Jamie Dimon (Chairman and Chief Executive Officer, J.P. Morgan Chase & Co.): https://www.jpmorganchase.com/about/our-leadership/jamie-dimon + https://www.linkedin.com/in/jamiedimon/

 

 

 

More information on Kirkland & Ellis LLP: https://www.kirkland.com/ + We are an international law firm that serves a broad range of clients around the world in private equity, M&A and other complex corporate transactions; investment fund formation and alternative asset management; restructurings; high-stakes commercial and intellectual property litigation; and white collar and government disputes. We offer the highest quality legal advice coupled with extraordinary, tailored service to deliver exceptional results to our clients and help their businesses succeed. We invest in the brightest legal talent and build dynamic teams that operate at the pinnacle of their respective areas. And we believe in empowering our lawyers, encouraging entrepreneurialism, operating ethically and with integrity, and collaborating to bring our best to every engagement. These principles have guided us in building successful long-term partnerships with clients since our founding in 1909.

More information on Jon A. Ballis (Chairman of the Executive Committee, Kirkland & Ellis LLP): https://www.kirkland.com/lawyers/b/ballis-jon-a-pc + https://www.linkedin.com/in/jon-a-ballis/ 

 

 

 

 

 

 

 

 

 

 

 

EMR Additional Notes:

  • EBIT:
    • Earnings Before Interest and Taxes (EBIT) is a measure of a company’s operating profitability before accounting for interest expenses and income taxes. It is also known as operating profit and shows how effectively a company’s core business is generating profit from its operations.
  • EBITA:
    • Earnings before interest, taxes, and amortization (EBITA) is a measure of company profitability used by investors. It is helpful for comparing one company to another in the same line of business.
    • EBITA = Net income + Interest + Taxes + Amortization
  • EBITDA: 
    • Earnings before interest, taxes, depreciation, and amortization (EBITDA) is an alternate measure of profitability to net income. By including depreciation and amortization as well as taxes and debt payment costs, EBITDA attempts to represent the cash profit generated by the company’s operations.
    • EBITDA and EBITA are both measures of profitability. The difference is that EBITDA also excludes depreciation.
    • EBITDA is the more commonly used measure because it adds depreciation—the accounting practice of recording the reduced value of a company’s tangible assets over time—to the list of factors.
  • EV/EBITDA (Enterprise Multiple):
    • Enterprise multiple, also known as the EV-to-EBITDA multiple, is a ratio used to determine the value of a company.
    • It is computed by dividing enterprise value by EBITDA.
    • The enterprise multiple takes into account a company’s debt and cash levels in addition to its stock price and relates that value to the firm’s cash profitability.
    • Enterprise multiples can vary depending on the industry.
    • Higher enterprise multiples are expected in high-growth industries and lower multiples in industries with slow growth.
  • EBITDAaL (Rexel’s Terminology): EBITDA after deduction of lease payments following the adoption of IFRS 16.

 

 

 

  • Earning Per Share (EPS):
    • Company’s net income attributable to common shareholders (net income minus preferred dividends) divided by the weighted average number of common shares outstanding.
    • The resulting number serves as an indicator of a company’s profitability on a per-share basis. It is common for a company to report adjusted EPS (e.g., excluding extraordinary or non-recurring items) and diluted EPS (including potential shares from options, convertible debt, or warrants).
    • The higher a company’s EPS, the more profitable it is considered to be (although EPS should always be analyzed in context—e.g., growth, industry, and capital structure).
    • Earnings per share value is calculated as net income divided by available shares. A more refined calculation adjusts the numerator and denominator for potential dilution (stock options, convertible securities, warrants).
    • The numerator of the equation is also more relevant if it is adjusted for continuing operations (excluding one-off or discontinued activities).
  • Dividend Per Share (DPS):
    • DPS is the actual portion of those earnings distributed to shareholders as dividends (cash or sometimes stock dividends).
    • The actual cash paid out by the company to an investor for each share owned, calculated as:
      Total dividends paid to common shareholders / Number of common shares outstanding (or weighted average shares).
    • High-growth companies often have a high EPS but a DPS of $0 because they reinvest all profits. Established, mature companies tend to pay out a portion of their earnings (payout ratio) as a DPS.
    • A company’s DPS can exceed EPS in a given year (e.g., using retained earnings or debt), but this is generally not sustainable over the long term.
  • => EPS vs. DPS:
    • EPS measures how much profit a company generates per share, while DPS shows how much of that profit is actually distributed to shareholders. EPS reflects profitability, whereas DPS reflects distribution policy.

 

 

 

  • Kitting:
    • Kitting means pre-assembling a set of related components into one ready-to-use package so technicians, panel builders, or installers receive everything needed for a specific task in one kit.

 

 

 

  • Power Utility – Utilities:
    • Also known as an electric utility or power company, a power utility is an organization (public or private) responsible for the generation, transmission, distribution, and sometimes retail supply (sale) of electricity to consumers. Depending on the electricity market structure, a power utility may perform one, several, or all of these functions.
    • They often operate in regulated or partially liberalized markets, and are major providers of energy in most countries. Electricity transmission and distribution networks are generally regulated because they are natural monopolies, while generation and retail supply may be competitive in liberalized markets.
    • Depending on the market structure, these functions may be vertically integrated (one company does everything) or unbundled across multiple entities (e.g., generation companies, transmission system operators, distribution network operators, retailers). In unbundled markets, these activities are separated among specialized organizations, although they remain interconnected within the overall electricity system.
    • Utilities are critical infrastructure operators, ensuring reliability, grid stability, and continuous power supply to residential, commercial, and industrial users. However, responsibility for reliability and system operation may be divided among utilities, transmission and distribution system operators, and other electricity-sector organizations, and continuous supply cannot be guaranteed because outages and other disturbances can occur.

 

 

 

  • Grid, Microgrids, DERs and DERM’s:
    • Grid / Power Grid:
      • The power grid is a network for delivering electricity to consumers. The power grid includes power generation facilities, substations, transmission lines and towers, distribution networks, protection and control equipment, and associated communication and monitoring infrastructure.
        • The grid continuously balances electricity generation and consumption while maintaining system stability and power quality, supplying electricity for applications ranging from industry to household appliances.
        • Electric grids perform three major functions or stages of electricity supply: power generation, transmission, and distribution. Grid operation also includes functions such as system balancing, protection, control, monitoring, and, increasingly, energy storage and demand-side management.
    • Microgrid:
      • A microgrid is a group of interconnected loads and distributed energy resources (DERs) within clearly defined electrical boundaries that acts as a single controllable entity with respect to the main grid and can operate either connected to the main grid or, when appropriately designed, intentionally and controllably in an islanded mode.
        • Microgrids can integrate local generation, energy storage, controllable loads, and other DERs to improve resilience, flexibility, efficiency, or local energy management.
    • Smart Grid:
      • A smart grid is an electrical grid enhanced with digital communications, sensing, automation, control, and data/analytics technologies across generation, transmission, distribution, and/or customer-side systems to improve the monitoring, operation, efficiency, reliability, resilience, and flexibility of the power system.
    • Distributed Energy Resources (DERs): 
      • Distributed energy resources (DERs) are relatively small-scale electricity generation, storage, and flexible demand resources, located at or near the distribution system or customer premises, that can supply, store, or modify electricity consumption and are interconnected to the electric grid. They are often located close to load centers and can be used individually or in aggregate to provide value to the grid.
        • Common examples of DERs include rooftop solar PV units, small wind turbines, small gas-fired generators or engines/turbines, microturbines, biomass generators, fuel cells, combined heat and power (CHP) or tri-generation systems with electrical generation, battery storage, electric vehicles and controllable EV charging or discharging where they can provide grid flexibility, and demand response applications.
    • Distributed Energy Resources Management Systems (DERMS):
      • Distributed Energy Resources Management Systems (DERMS) are software platforms that help utilities, distribution system operators (DSOs), aggregators, and other energy-sector organizations monitor, provide visibility into, forecast, coordinate, optimize, and, where supported, control distributed energy resources (DERs).
        • DERMS can be used to aggregate and coordinate large numbers of DERs and flexible loads for grid services, including voltage and power-flow management, congestion and constraint management, balancing, flexibility services, resilience, and participation in demand-response or other electricity markets. DERMS can be defined in many ways, depending on the use case, the types of DERs being managed, the responsibilities of the organization using the system, and the architecture of the power system.

 

 

 

  • AI – Artificial Intelligence:
    • Artificial Intelligence (AI) is the broad field of computer science focused on developing systems that can perform tasks that typically require capabilities associated with human or other forms of intelligent behavior, such as learning, reasoning, perception, language understanding, planning, and decision-making.
    • AI systems may:
      • Process data or information from various sources;
      • Identify patterns, relationships, or relevant features;
      • Make predictions, classifications, decisions, or recommendations;
      • Reason, plan, generate content, or take actions toward defined goals.
    • AI is an umbrella term that includes machine learning, deep learning, generative AI, and other approaches such as rule-based systems, search, planning, knowledge representation, probabilistic methods, and optimization. Not all AI systems learn from data.
    • A popular but non-standard conceptual taxonomy describes AI as reactive machines, limited-memory systems, theory-of-mind AI, and self-aware AI. This taxonomy is useful for explaining different hypothetical levels of capability, but it is not a formal scientific classification of AI systems.
    • Main types of AI:
      • Type 1: Reactive machines. These AI systems do not use persistent memory of previous experiences to inform their decisions and generally respond only to the current input or state. An example is Deep Blue, the IBM chess-playing system that defeated Garry Kasparov in the 1990s. Deep Blue used chess-specific search and evaluation techniques to select moves rather than learning from previous games in the manner of modern machine-learning systems.
      • Type 2: Limited memory. These AI systems can use information from previous observations, stored data, or recent states when making decisions. Many modern AI systems use forms of memory or contextual information, although the term “limited memory” is a broad conceptual category rather than a precise technical classification.
      • Type 3: Theory of mind. A hypothetical form of AI capable of modeling aspects of other people’s beliefs, intentions, knowledge, emotions, or perspectives and using this understanding in interaction. Such capabilities remain an active area of research rather than an established category of deployed AI.
      • Type 4: Self-awareness. A hypothetical form of AI possessing a subjective sense of self or consciousness. No generally accepted evidence demonstrates the existence of genuinely self-aware or conscious AI systems.
    • AI programming therefore does not have a universally accepted set of “three cognitive skills”; learning, reasoning, perception, planning, language processing, and decision-making are among the capabilities commonly associated with AI.
    • Machine Learning (ML):
      • Machine Learning (ML) is a subset of AI in which algorithms learn patterns or relationships from data to perform tasks such as prediction, classification, generation, or decision-making, rather than relying solely on manually specified rules for every case.
      • ML uses historical or newly collected data to learn statistical patterns and improve performance on a defined task or objective.
      • ML is the dominant approach underlying many modern AI systems, but rule-based, optimization-based, search-based, and other non-ML approaches remain important in many applications.
      • ML allows software applications to learn from data and improve their performance on a defined task without requiring every decision rule to be explicitly programmed.
      • Recommendation engines are a common use case for ML. Other uses include fraud detection, spam filtering, image and speech recognition, forecasting, business process automation (BPA), and predictive maintenance.
      • Classical ML is often categorized according to how an algorithm learns from data. Common approaches include:
        • Supervised learning,
        • Unsupervised learning,
        • Semi-supervised learning,
        • Self-supervised learning, and
        • Reinforcement learning.
    • Deep Learning (DL):
      • Deep Learning (DL) is a subset of ML that uses neural networks with multiple computational layers to learn complex representations and relationships from data.
      • DL can be particularly effective for high-dimensional and unstructured or complex data such as images, audio, video, and natural language, although classical ML methods can outperform deep learning on some structured or tabular datasets.
      • DL uses multiple layers of information processing that can learn increasingly complex representations of input data. In some image-recognition systems, for example, earlier layers may learn lower-level visual features while later layers combine these features into more complex representations.
      • DL has enabled major advances in computer vision, speech recognition, natural language processing, generative AI, and other fields, but it is not inherently the “most sophisticated” AI architecture; different architectures and approaches are better suited to different tasks.
    • Generative AI (GenAI):
      • Generative AI (GenAI) refers to AI systems that generate new content or other outputs, such as text, images, code, audio, video, or structured data, based on patterns learned during training and on subsequent inputs or instructions.
      • GenAI is typically powered by machine-learning and deep-learning models, including large language models and other foundation models, rather than constituting a completely separate AI paradigm.
      • Generative AI can generate outputs based on prompts, structured inputs, multimodal inputs, tool calls, or instructions provided by people or software systems.
      • The public release of ChatGPT in November 2022 significantly increased public awareness and adoption of generative AI capable of producing natural-language responses and other forms of content.
    • Small Language Models (SLM) and Large Language Models (LLM):
      • Small Language Models (SLMs) are relatively compact language models designed to process and generate natural-language content, often with lower computational, memory, or deployment requirements than larger models.
      • Large Language Models (LLMs) are machine-learning models trained on large amounts of data to process and generate natural language and perform tasks such as text generation, summarization, translation, classification, question answering, reasoning, and information extraction.
      • “Small” and “large” are relative terms rather than universally defined categories based on a fixed number of parameters.
      • Modern LLMs are commonly based on transformer or related neural-network architectures.
      • Virtual assistants such as Siri, Alexa, and Google Assistant can incorporate language models, speech-recognition systems, search, rules, APIs, and other technologies; whether and to what extent they use LLMs depends on the specific version and implementation.
    • Computer Vision (CV) / Vision AI & Machine Vision (MV):
      • Computer Vision (CV) is a broad field of AI and computer science concerned with enabling computers to acquire, process, analyze, and interpret visual information from images, video, and other visual sensors.
      • CV can use deep learning, classical image-processing techniques, geometric methods, machine learning, and other computational approaches to recognize objects, detect patterns, estimate properties, understand scenes, or extract information from visual data.
      • Applications include object detection, image classification, optical character recognition (OCR), facial recognition, medical imaging, autonomous systems, visual search, and image-based measurement and inspection.
      • Machine Vision (MV) is an application of computer vision focused particularly on automated visual inspection, measurement, identification, guidance, and control, especially in industrial and manufacturing environments.
      • Machine Vision commonly uses cameras, lighting, image-processing software, AI or other vision algorithms, and interfaces to industrial control systems, robots, or other equipment.
      • The key difference is that CV is the broader technical field, while MV generally refers to application-oriented vision systems used to perform defined automated tasks.
    • Multimodal Intelligence and Agents:
      • Multimodal AI refers to AI systems that can process and/or generate information across multiple modalities, such as text, images, audio, video, and other sensor or structured data.
      • Multimodal capabilities allow AI systems to combine information from different types of input and output, enabling applications such as visual question answering, speech interaction, document understanding, and systems that can see, hear, speak, and generate visual or textual content.
      • An AI agent is a software system that perceives information from an environment, maintains or uses relevant state or context, and selects and takes actions toward a defined goal. An agent may incorporate one or more AI models, tools, memory, planning mechanisms, and orchestration components.
      • What distinguishes an AI agent from a conventional AI model is not simply decision-making, but the ability to take actions in an environment toward a goal, often through tools or external systems.
      • Agents can be classified or implemented in different ways, including reactive or planning-oriented agents, single-agent or multi-agent systems, and agents operating in static or dynamic environments. Multimodal agents can process multiple forms of information.
    • Agentic AI:
      • Agentic AI is an emerging term for AI systems designed to pursue defined goals by planning, making decisions, using tools, interacting with their environment, and taking actions with a degree of autonomy and limited human intervention.
      • Agentic AI systems may use large language models, other machine-learning models, planning mechanisms, memory or state, tools, external data sources, and orchestration components.
      • Unlike conventional AI models that primarily produce an output in response to an input, agentic systems extend model capabilities into action-oriented workflows, potentially executing multiple steps and adapting their actions based on intermediate results or changes in the environment.
      • Multi-agent systems are one implementation approach in which multiple specialized agents coordinate their activities to achieve a broader goal.
      • Agentic AI can build on generative AI, particularly LLMs, but agentic AI is not synonymous with generative AI or LLMs.
    • Agentic Enterprise:
      • An agentic enterprise is an emerging business operating model in which people, AI agents, enterprise applications, data, and automation systems work together to execute or coordinate business processes and workflows.
      • Compared with conventional automation, agentic systems can interpret information, make decisions within defined boundaries, use enterprise tools, and take actions across multiple workflow steps, while appropriate governance, security, permissions, monitoring, and human oversight can constrain or supervise those actions.
      • The term is increasingly used by technology companies and analysts to describe an evolution toward more autonomous AI-enabled enterprise operations, but it is not a standardized technical or organizational category.
    • Edge AI Technology:
      • Edge AI refers to the deployment and execution of AI models or inference workloads on or close to the devices and systems where data is generated, such as cameras, sensors, industrial controllers, vehicles, smartphones, and other IoT devices, rather than relying entirely on centralized cloud infrastructure.
      • Edge AI combines edge computing with AI/ML to process data locally or near its source, potentially reducing latency, bandwidth requirements, cloud dependence, or exposure of sensitive data.
      • Edge AI can operate with intermittent or no internet connectivity for some functions, although many systems continue to communicate with cloud or other centralized systems.
      • Applications include autonomous vehicles, industrial inspection, wearable devices, security cameras, robotics, and smart-home equipment.
    • High-Density AI:
      • High-density AI refers to the concentration of AI computing capacity—particularly GPUs or other accelerators, memory, networking, power delivery, and cooling—in a relatively small physical or data-center footprint.
      • It is an AI infrastructure and data-center design trend, not a distinct category of AI. High-density infrastructure can provide greater computing capacity per rack, room, or unit of floor space, but also creates significant requirements for power distribution, thermal management, networking, and physical infrastructure.
    • Explainable AI (XAI) and Human-Centered Explainable AI (HCXAI):
      • Explainable AI (XAI) refers to methods, techniques, and system designs intended to make AI model behavior, predictions, decisions, or outputs understandable to people.
      • Human-Centered Explainable AI (HCXAI) goes further by designing explanations around the needs, context, goals, knowledge, and capabilities of the people who use or are affected by the AI system.
      • While XAI focuses on understanding and communicating aspects of model behavior, HCXAI emphasizes whether explanations are relevant, comprehensible, useful, and appropriate for their human context. Related considerations can include fairness, accountability, trust, safety, and ethical use, although these are not themselves defining features of explainability.
    • Physical AI & Embodied AI:
      • Physical AI refers to AI systems designed to perceive, reason about, predict, and/or act in the physical world, often using data from sensors and controlling physical devices or actuators.
      • Embodied AI refers to AI systems whose intelligence is situated within or coupled to a physical or simulated body or agent, emphasizing the interaction between perception, decision-making, action, and the environment.
      • Physical AI and Embodied AI overlap substantially, and the terms are not universally defined as a strict hierarchy. They are commonly associated with robotics, autonomous vehicles, industrial systems, and other applications in which AI interacts with a physical environment.
    • Federated Learning and Reinforcement Learning:
      • Federated Learning (FL) is a machine-learning technique in which models are trained across multiple decentralized devices or organizations while the raw training data generally remains at its original location; model parameters, gradients, or other training information are communicated to an aggregation or coordination system. In simple terms: “Train AI without centrally collecting the raw data.”
      • Federated learning can improve data governance and reduce the need to centralize sensitive data, but it does not by itself guarantee privacy or security. Additional techniques such as secure aggregation or differential privacy may be used.
      • Reinforcement Learning (RL) is a type of machine learning in which an agent learns to select actions by interacting with an environment and receiving rewards or penalties, with the objective of improving its policy or long-term expected reward. In simple terms: “Learning through interaction and feedback.”
      • Federated Learning and Reinforcement Learning can be combined as Federated Reinforcement Learning (FRL), in which multiple agents or devices learn policies locally and share selected model information or updates to improve a common or coordinated policy without centrally sharing their raw experience data.
      • FRL is an active research area with applications being investigated in areas such as distributed resource management, communications networks, robotics, and autonomous systems.
    • AI Factories:
      • AI Factories are industrial-scale computing and operational infrastructures designed to transform data and computing resources into AI models, inference services, and other AI outputs at scale.
      • AI factories can encompass data preparation, model training, fine-tuning, inference, serving, storage, high-speed networking, accelerated computing, power, cooling, and associated software and operational systems.
      • “AI factory” is a conceptual and industry term rather than a standardized technical category. It can refer to a dedicated AI data center or, more broadly, an integrated infrastructure and operating model for producing and deploying AI capabilities at scale.
      • Companies and organizations use the term in different ways, including in connection with hyperscale and specialized data-center infrastructure, accelerated computing, and public-sector AI infrastructure initiatives.

 

 

 

  • Bookbuilding Offering:
    • A bookbuilding offering is a price-discovery and allocation process used by companies to assess investor demand and help determine the final offering price and allocation of shares before an Initial Public Offering (IPO), secondary/follow-on stock sale, or other securities offering.
    • Instead of setting a fixed price upfront, the issuer and its investment bankers often establish an indicative price range (a floor and a ceiling). Eligible investors, typically including institutional investors, submit indications of interest or bids specifying the quantities of shares they are willing to purchase and, depending on the offering structure, the prices they are willing to pay. The underwriters collect these indications in an “order book” to assess demand at different prices and determine the final offer price and allocation of shares, subject to the applicable offering rules and underwriting arrangements.