ICAPE acquires German PCB supplier
ICAPE Group has acquired 100% of the capital of PRINCITEC, a high value-added supplier of PCB located near Dusseldorf, Germany.
Since 2004, PRINCITEC has been providing the full range of technical, sourcing and quality services associated with the distribution of PCBs. The company is backed by a network of 11 distributors in Asia and Europe. With a base of 35 active customers, mainly located in Germany, PRINCITEC generated revenue of EUR 6.5 million in 2022, with a gross margin of around 25.5%.
Following the acquisition of HLT at the end of May 2023, this new deal further strengthens ICAPE Group's positioning in the German market, Europe's biggest PCB market.
"With the acquisition of PRINCITEC, we pursue the acceleration of our external growth strategy, focusing on supply and commercial synergies and cost optimization. PRINCITEC presents all the necessary assets to generate incremental organic growth following its integration into our Group. In addition, its seasoned team, solid supplier network and customer portfolio spanning a wide variety of industries will strengthen our position in Germany, one of the world's leading markets. Our pipeline of potential acquisitions remains very strong, and we are in advanced discussions with targets covering all geographies, enabling us to reiterate our target of €30 million in additional revenue this year," says Yann Duigou, CEO of ICAPE Group, in a press release.
Just like the recent acquisition of HLT, this transaction is also carried out by the Icape Deutschland GmbH subsidiary and is financed 100% in cash. PRINCITEC's team of 9 employees will join the French PCB group thus strengthening its presence in Germany.
"ICAPE Group, in addition to its position as a leading player in our market, has a set of values in line with our DNA, focused on product quality and customer relations. Thanks to this association, our customers will benefit fully from ICAPE's purchasing power and unique logistics platform, which will lead to a strengthening of the quality of service provided by our teams," says Bernhard TschampelL, Managing Director of PRINCITEC.
