FONTENAY-AUX-ROSES, FRANCE – Icape Group has strengthened its presence in Germany with the acquisition of Princitec, a Düsseldorf-based PCB supplier.
Since 2004, Princitec has been providing the full range of technical, sourcing and quality services associated with the distribution of printed circuit boards, and 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, Icape Group said in announcing the acquisition. With a base of 35 active customers, mainly located in Germany, Princitec generated revenue of €6.5 million ($7 million) in 2022, with a gross margin of around 25.5%.
With this operation, Icape Group said it is unlocking a significant synergy potential while continuing to diversify its sourcing. Following the acquisition of HLT announced at the end of May 2023, the acquisition also strengthens Icape Group's positioning in Germany, Europe's leading PCB market.
"With the acquisition of Princitec, we pursue the acceleration of our external growth strategy, focusing on supply and commercial synergies and cost optimization," said Yann Duigou, CEO of Icape Group. "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."
"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," said Princitec Managing Director Bernhard Tschampel. "Thanks to this association, our customers will benefit fully from ICAPE's purchasing power and unique logistics platform, which will 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."