© NCAB PCB | November 15, 2019
NCAB Group acquires Altus-PCB in USA
Altus-PCB is a full-service supplier of PCBs based in New Jersey, USA, that has a business model similar to NCAB’s. The US company has a high level of technical expertise and sells mainly to original equipment manufacturers (OEMs).
Altus-PCB reported SEK 43 million (EUR 4.03 million) in sales in 2018 with good profitability. It has six employees in the USA and two in China. The organization will be integrated into NCAB. The purchase price for Altus is SEK 37 million (EUR 3.47 million) and an additional earn-out which in total will imply a multiple of 5-6 times Ebita before potential synergies. “We have been looking at Altus-PCB for some time and are delighted with this acquisition. It is a smaller acquisition but a great fit with NCAB. Our goal is to grow profitably, particularly in the USA, and Altus is especially interesting considering its operations in the high-tech area. We can see quite a number of synergies with NCAB. For example, we can provide Altus customers with access to many more factories in China and, as we have seen in the past, we can also apply our better delivery and payment conditions to their purchases,” says Hans Ståhl, CEO of NCAB Group, in a press release.