FONTENAY-AUX-ROSES, FRANCE – Icape Group has announced the acquisition of Fimor Electronics, a French manufacturer of human-machine interface solutions and distributor of custom-made technical parts.

Fimor Electronics specializes in the trading of custom-made technical parts, an activity that represents 80% of its revenue, and also owns a factory specializing in the manufacture of human-machine interface solutions, which is the company's second activity and generates 20% of its annual revenue. The company has a portfolio of 350 customers, mainly in the medical, automotive, high-tech and telecommunications sectors. The company also includes a service office in Foshan, China, in charge of commercial and technical relations with about 10 suppliers at the local level. In 2021, Fimor Electronics generated a net annual revenue of more than €6.2 million ($6.6 million) and an EBITDA of €600,000 ($642,000).

In a release from Icape Group, the company said the acquisition of Fimor Electronics is meant to consolidate its position on the market of "custom-made" electromechanical parts and enrich the product offer of its custom-made part shop, Cipem. Through the acquisition, Icape Group plans to benefit from the existing sales and supply chain synergies with Fimor Electronics to reinforce its growth on the technical parts market, which represents nearly 20% of its current annual revenue. The Group is also setting up a new factory in Europe, which will be dedicated to local production for high value-added industrial sectors.

"Fimor Electronics is a very promising company. The team developed a business model, a factory, and a reputation based on excellence and seriousness in France to achieve their objectives and secure a solid customer base," said Icape Group CEO Cyril Calvignac. "Icape Group is developing its production network after the acquisition of Trax in South Africa, and MMAB in Sweden, two printed circuit board factories. We are happy to welcome Fimor Electronics today, into our network for technical parts and we are confident that this new acquisition will be a perfect addition to offer the highest quality of services to both Fimor Electronics and Icape Group’s customers, and increase the footprint of our companies in France and the border countries. It’s also important for us to support and offer a local production solution."

"Icape Group is a major player in the electronic industry. Over the last 20 years, the company has become one of the largest electronic parts suppliers in the world. It’s a testimony of Icape Group’s capabilities. I am sure that Fimor Electronics and its customers will benefit from this international presence. Cipem professionals will bring added expertise, a larger product portfolio, and the energy of a highly motivated team. Fimor Electronics associates are very enthusiastic about joining Icape Group and looking forward to unleashing their potential," said Fimor Electronics CEO Manuel Zuckerman.