EXEL Industries Acquires Majority Stake in Gardening Tools Manufacturer Devaux

EXEL Industries has acquired an 81% majority stake in Devaux, a French family group that manufactures and sells gardening tools. Devaux reported approximately €12 million in revenue for 2022 and employs around 50 people at its production site in Normandy and logistics facility near Lyon.

This acquisition is set to accelerate EXEL Industries' development within the consumer garden equipment sector. The Devaux Group, with roots dating back to 1923, brings extensive expertise and a diverse range of hand tools, complementing EXEL Industries' existing portfolio which includes brands like Hozelock, G.F., Berthoud, and Tricoflex.

Devaux Group will become a subsidiary of Hozelock EXEL, operating alongside the other brands in EXEL Industries' Garden business. Jean-Luc Devaux, formerly the Group's Chairman, will assume the role of Chief Executive Officer for the new entity. The acquisition aligns with EXEL Industries' strategy to enhance its market leadership through both organic growth and strategic acquisitions.

EXEL Industries is a 70-year-old French family-owned group employing approximately 3,770 people across 27 countries. The company reported sales of €977 million for the 2021-2022 fiscal year.