NCAB Group Announces Acquisition of US-Based PCB Supplier, Altus-PCB

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The NCAB Group, a Sweden-based provider of PCB solutions, has announced the acquisition of, Altus-PCB. The purchase price for the acquisition was SEK 37 million and an additional earn-out which in total will imply a multiple of 5-6 times Ebita before potential synergies.

Altus is a full-service supplier of PCBs based in New Jersey, USA that has a business model similar to NCAB’s. The company has a high level of technical expertise and sells mainly to original equipment manufacturers (OEMs). It reported SEK 43 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.

According to Hans Ståhl, President and CEO of NCAB Group, the Group had been looking at Altus-PCB for some time and is delighted with the acquisition. It is a smaller acquisition but a great fit with NCAB. The goal is to grow profitably, particularly in the USA, and Altus is especially interesting considering its operations in the high-tech area. Hans sees quite a number of synergies with NCAB. For example, NCAB can provide Altus customers with access to many more factories in China and, as seen in the past, the Group can also apply its better delivery and payment conditions to Altus’ purchases.