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NCAB Group has on the 12 of March 2020 signed an agreement to acquire 100% of the shares in Flatfield Multiprint International B.V. Based in Tiel, Netherlands.
Flatfield is one of the leading PCB Suppliers in the Benelux region. Outside Benelux, Flatfield also has a broad customer base in Germany. Flatfield had a turnover of just over 300 million SEK in 2019 and an EBITA of approximately 25 million SEK. It has 50 employees mainly in Netherlands and Germany, but also 15 located in China.
The purchase price for Flatfield is SEK 182 million which will imply a multiple of approx. 7 times EBITA before potential synergies. The acquisition will be consolidated from March,1 and will be accretive to Earnings per share in 2020. Synergies are expected in the areas of purchasing power and a broader factory base in China. The acquisition is mainly loan financed.
“We are extremely happy to acquire Flatfield says Hans Ståhl, CEO of NCAB Group. This will establish the combined NCAB Group and Flatfield as the clear number one PCB supplier in the Benelux region, as well as strengthen our position in Germany, by enhancing our ability to offer our customers higher levels of service and technical support. This also gives a valuable add-on to our European segment and more volumes to our factories in China. We have the same strong focus on quality, the same way of doing business and the same customer driven organization”.
Flatfield will be integrated in the European segment and Arjan Sinoo, former Commercial Director of Flatfield has been appointed Managing Director of the new combined Benelux entity.
Arjan Sinoo, new Managing Director at Flatfield/NCAB Benelux explains “This is a great opportunity for all of us. Flatfield, has been privately owned and dominated by a customer-driven culture with a goal to deliver superior performance and value. Being selected by NCAB Group to be a part of their new Benelux team is a great compliment. Joining with NCAB will give us all even more leverage to support our customers. The major benefits with join with NCAB group will come from their extensive factory base in China and increase in resources worldwide. I am looking forward to working for NCAB Group to solidify the transition, continue to grow our business and tackle the most demanding PCB requirements in our industry”.