FONTENAY-AUX-ROSES, FRANCE – Icape Group has announced the acquisition of three US companies: PCB Solutions, Ustek Incorporated and Nujay Technologies.

The three companies have each specialized in PCB trading in the US for over twenty years. PCB Solutions and Ustek Incorporated also trade in technical parts, representing for the first one 10% of its business and for the latter almost 30%. In total, the three companies have a portfolio of more than 180 North American customers from a wide variety of industries, ranging from medical equipment design to the automotive sector. In 2022, these three companies generated a cumulative net revenue of over $5 million and an EBITDA margin of over 10%.

In making the acquisitions, Icape Group strengthens its foothold in the US by gathering a strong pool of industrial customers, as well as new distribution channels, and the different locations of the new acquisitions (in Ohio, California and Utah) also enable the group to cover the entire US territory, the company said in a release.

"Since the launch of our external growth strategy in 2021, all acquisitions made by Icape Group have been focused on the European continent. By acquiring the assets of PCB Solutions, Nujay Technologies Inc. and Ustek Incorporated, we are proud to significantly strengthen the international footprint of our solutions dedicated to printed circuit boards and technical parts, as well as the value creation potential of our North American subsidiaries," said Yann Duigou, CEO, Icape Group. "The assets we integrate today brought us a substantial portfolio of over 180 North American customers from a wide variety of industries, as well as their dedicated distribution channels, both in the United States and in Asia. By joining Icape Group, these assets will be able to benefit from numerous synergies as well as from the expertise of our subsidiaries to deliver the highest possible quality of service to their local customers, which should ensure us significant post-integration profitable growth in the short to medium term."

These asset acquisitions are financed 100% in cash and will be integrated into Icape's accounts from Oct. 1. The PCB trading activities will be integrated into the Icape USA subsidiary, and the activities dedicated to the distribution of technical parts into the Cipem USA entity.

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