SUNDBYBERG, SWEDEN -- NCAB today acquired 100% of the shares in Kestrel International Circuits from the Merlin PCB Group for SEK 103 million ($10.1 million).

NCAB, which paid about six times EBIDTA for Kestrel, said it financed the deal with cash and loans and it is expected to be EPS accretive in 2022.

Kestrel will become part of NCAB Group UK. The printed circuit board supplier has annual net sales of SEK 125 million ($12.3 million), mainly in the UK. In the past 12 months the company had EBITA of SEK 17 million ($1.67 million). Kestrel was founded in 1995 and has 20 employees in the UK and five in China and Hong Kong.

Kestrel's customers are in the aerospace, automotive, medical, broadcasting, telecommunications, industrial and commercial markets.

“We are happy to announce the acquisition of Kestrel,” said Peter Kruk, CEO, NCAB. “The UK is an important industrial market and Kestrel makes a good match to our own activities there. NCAB Group UK had 30 employees and net sales of SEK 310 million prior to this. We find the product range and business model of Kestrel similar to ours. We expect that we will be able to offer Kestrels´ customers increased product options and better terms.”

“Since its foundation in 1995, Kestrel has built its reputation on excellence of customer service, a stable and well managed supply chain and loyal enthusiastic employees, said David Grant, managing director. Kestrel. “In looking for an entity to take the company to the next level we searched for someone who shared those founding values. In NCAB we found a buyer that extols these values and a company having many other synergies with our operations. This compatibility coupled with their financial strength, stability and global reach leads me to the strong belief that they offer an exciting and innovative long-term future for Kestrel’s customers, suppliers and employees. We look forward to working as part of the NCAB Group, to grow the business and meet the needs of our customers in the increasingly demanding marketplace that is PCBs.

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