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NCAB Group has signed an agreement to acquire 100% of the shares in Electronic Advanced Circuits S.L. based in Madrid, Spain. The transaction is estimated to close in November 2023.
Electronic Advanced Circuits S.L. expects to reach net sales of SEK 19 million (US$1.7 million) in 2023 with an estimated EBITA margin of about 15%. The company has two employees. The majority of sales is concentrated to the telecom and industrial sectors and sourcing is being made from manufacturing partners in China. The purchase price is SEK 14 million with a potential earn-out capped at a maximum amount of SEK4 million..
NCAB Spain had before this 13 employees and a turnover of 75 MSEK in 2022. The acquisition is expected to be earnings accretive for NCAB Group in 2024. Synergies are expected in the areas of suppliers, payment terms and logistics.
NCAB Group is also establishing a new entity in Portugal, NCAB Group Portugal, and two new employees have been recruited, both with extensive experience from the PCB industry.
Benjamin Klingenberg, VP NCAB Europe, said, “With these two strategic actions, we gain highly skilled and experienced personnel, who will complement our existing capabilities and play a pivotal role in unlocking new growth opportunities and expanding our networks. We are taking steps forward in our expansion plans in Spain and Portugal. The Iberian Peninsula is of growing interest for the electronics market in Europe.“
