ICAPE Group steps up pace in Germany with the acquisition of PRINCITEC
ICAPE Group, announced the acquisition of 100% of the capital of PRINCITEC, a high-value-added supplier of PCB.
Since 2004, PRINCITEC, located near Düsseldorf, has been providing the full range of technical, sourcing and quality services associated with the distribution of printed circuit boards. Backed by a network of 11 distributors in Asia and Europe, the company benefits from the commercial capacity to meet the needs of a wide variety of industries within very tight deadlines, thanks in particular to its wide range of products. With a base of 35 active customers, mainly located in Germany, PRINCITEC generated revenue of €6.5 million in 2022 with a gross margin of around 25.5%.
With this operation, ICAPE Group is unlocking a significant synergy potential while continuing to diversify its sourcing, thus reinforcing its unique logistical capacity to deliver on time, everywhere in the world, and at the best cost Following the acquisition of HLT announced at the end of May 2023, this new signature also strengthens ICAPE Group’s positioning on the German market, Europe’s leading printed circuit board market.
Yann Duigou, CEO of ICAPE Group, stated: “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.
Bernhard TSCHAMPEL, Managing Director of PRINCITEC, added: ” 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 which will benefit fully from ICAPE Group’s purchasing power and unique logistics lead to a strengthening of the quality of service provided by our teams. We look forward to collaborating with the Group’s German subsidiary to deploy the potential synergies between our two entities.
Like the recent acquisition of HLT, this transaction is carried out by the subsidiary ICAPE Deutschland Gmbh and is financed 100% in cash. PRINCITEC’s 9 team members will also strengthen the Group’s local subsidiary.