AQ Group acquires electromechanical firm Rockford Components
AQ Group, a Swedish-based Nasdaq-listed components supplier, has snapped up its UK-based counterpart Rockford Components for a minimum of $1.7m.
The deal will see AQ Group take over 100% of the shares in Rockford, which manufactures and supplies wire harnesses and electromechanical systems to customers in defence, aerospace, and general industries. The purchase price consists of SEK 18 million (around USD 1.7 million) in cash with more payment contingent on the company's results for the next 12 months.
James Ahrgren, CEO of AQ, said in a press release: "The purpose of the deal is to expand AQ's customer base, to broaden our offer in wire harnesses and electromechanical systems to the UK and to grow in our strategic area of defense industry. Rockford has a long history, experience, and technical competence of serving demanding customers in the defence industry. Rockford is facing a strong growth phase, and we expect to invest further in the business in the coming years."
AQ Group is based in Västerås, Sweden and has offices in Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, USA, Germany, Italy, and Brazil. Post acquisition, Rockford will be part of AQ’s Wiring Systems business unit, which designs, manufactures, and deliver wire harnesses to industrial customers.
