mynth
10/2016

ANDERA PARTNERS takes majority stake in ACB GROUP

BELGIUM Hardware & Electronics / Electronic Components REV 10M - 30M EUR

Context

On the occasion of the secondary leveraged buy‑out announced in October 2016, Groupe Advanced Circuit Boards (ACB) secured a majority equity position for Andera Partners, which at the time operated under the Edmond de Rothschild Investment Partners banner through its Cabestan Capital 2 vehicle. The transaction formalised the divestiture of Arkéa Capital and the cross‑border fund Eurefi, investors that had been admitted during the management‑backed acquisition of 2012. ACB is recognised as the European market leader in the manufacture of high‑reliability printed circuit assemblies serving critical OEMs in defence, aerospace, space and medical sectors. From the investor’s standpoint, Andera Partners pursued a disciplined growth‑oriented rationale predicated on an active build‑up strategy. By acquiring a controlling stake in ACB, the firm intended to leverage the target’s established technological platform to execute a series of bolt‑on acquisitions across the European high‑reliability PCB landscape, thereby achieving economies of scale and expanding the service portfolio. The logic of integration rests on harmonising engineering capabilities, consolidating procurement, and standardising quality governance, which collectively enhance competitive positioning against larger multinational suppliers.

It is worth noting that the fund Arkea Capital took control of Acb Group through an LBO in 2012.

ACB GROUP, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Located across three distinct European production sites (Atlantec in Malville and Cibel in Bellême, France, alongside ACB NV in Dendermonde, Belgium) ACB GROUP manufactures critical printed circuit boards tailored for high-demand environments. Operating a consolidated workforce of approximately 250 employees, the company engineers advanced electronic architectures requiring absolute operational reliability. The production infrastructure focuses heavily on designing custom printed circuit solutions that are strictly integrated into complex equipment. The industrial framework relies on maintaining rigid quality control protocols throughout the entire manufacturing process, ensuring that the physical boards withstand extreme conditions while retaining optimal conductivity. The technical specifications of these specialized electronic components require stringent material sourcing and precision engineering capabilities at the factory floor level. A centralized research and development division supports the continuous adaptation of these base materials to match the evolving technical requirements of specialized European engineering sectors. By managing its own regional supply chain, the organization directly controls the fabrication cycle from initial prototyping through to final industrial output. The engineering teams continuously calibrate the manufacturing lines to accommodate shifting production volumes, enabling the operator to deliver highly specific board configurations to specialized original equipment manufacturers. This integrated structural footprint ensures localized production autonomy while minimizing supply chain disruptions for its industrial clients.

Ent. Value

Equity Value

Multiples

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Historical Financials (EUR)

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2016
2015

Other operations with ACB GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
01/2026SomacisACB GROUPBELGIUMElectronic Components
09/2022ARKEA CAPITAL / SOCIETE GENERALE CAPITAL PARTENAIRES / BNP PARIBAS DEVELOPPEMENTACB GROUPBELGIUMElectronic Components
01/2012ARKEA CAPITALACB GROUPBELGIUMElectronic Components

REFERENCES

Revenue range: 10M - 30M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: acb group

Acquirer: andera partners