STOCKHOLM — NCAB Group has raised SEK 287 million (US$28.7 million) in a directed issue of 1.85 million shares to Swedish and international institutional investors. The printed circuit board distributor intends to use the proceeds to increase its financial flexibility, including for potential acquisitions.

NCAB issued the shares on the Nasdaq Stockholm exchange on Apr. 24, on the heels of its acquisition of fellow broker BBG Group for $12 million.

In addition, R12 Kapital, currently holding 23.1% of shares and votes in NCAB, the members of the board of directors of NCAB and Anders Forsén, CFO of NCAB, have agreed not to sell any shares in NCAB for a period of 90 calendar days after the settlement date, subject to customary exceptions.

NCAB had sales of about $190 million last year. The deal for BBG will push its revenue to $220 million.

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