mynth
10/2016MajorityLBO

Andera Partners takes majority stake in Acb Group

BELGIUM Hardware & Electronics / Electronic Components REV €10–30M

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.

As a reminder, Acb Group had previously welcomed Arkea Capital to its capital in 2012.

Acb Group, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x in 2026).

-> 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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
€10–30M
[members only]
[members only]
2015
€10–30M
[members only]
[members only]

Other operations with Acb Group

Other operations with Acb Group
DateAcquirerTargetCountrySector
01/2026SOMACISACB GROUPBELGIUMElectronic Components
09/2022ARKEA CAPITAL / SOCIETE GENERALE CAPITAL PARTENAIRES / BNP PARIBAS DEVELOPPEMENTACB GROUPBELGIUMElectronic Components
01/2012ARKEA CAPITALACB GROUPBELGIUMElectronic Components

Other operations with Andera Partners

Other operations with Andera Partners
DateAcquirerTargetCountrySector
09/2026ANDERA PARTNERSSABENA ENGINEERINGBELGIUMMRO (Maintenance, Repair & Overhaul)
09/2026ANDERA PARTNERSSOTRALUFRANCEConstruction Materials
12/2025ANDERA PARTNERSSPHEREAFRANCEEngines & Systems
10/2025ANDERA PARTNERSXELIANSFRANCEDocument Management
06/2025ANDERA PARTNERSSPARTESFRANCEConsulting & Audit
02/2025ANDERA PARTNERSGROUPE CDSFRANCEE-commerce & Marketplaces
01/2025ANDERA PARTNERSAYMINGFRANCEStrategy & Management
12/2024ANDERA PARTNERSGROUPE IEF2IFRANCEEducation Providers
07/2024ANDERA PARTNERSTECNIKABELITALYCabling & Connectivity
03/2024ANDERA PARTNERSGROUPE ADFFRANCEMulti-technical Installation

Similar deals in Hardware & Electronics

Similar deals in Hardware & Electronics
DateAcquirerTargetCountrySector
05/2018THE CARLYLE GROUPHGH SYSTÈMES INFRAROUGESFRANCESensors & Optics
12/2017LBO FRANCECROUZETFRANCESensors & Optics
10/2016CHARTERHOUSESAGEMCOMFRANCEIoT & Connected Objects
06/2015ALLEGIONSIMONSVOSS TECHNOLOGIESGERMANYIoT & Connected Objects
05/2014ANDERA PARTNERSGROUPE PASSMANFRANCEIT Equipment
04/2014PAI PARTNERS / THE CARLYLE GROUPINNOVISTA (EX CST)FRANCESensors & Optics
01/2012ARKEA CAPITALACB GROUPBELGIUMElectronic Components
07/2010PUBLIC MARKETS (IPO)SMART TECHNOLOGIESCANADAIT Equipment
05/2010HG CAPITALSIMONSVOSS TECHNOLOGIESGERMANYIoT & Connected Objects
04/2010SIPAREX / RHÔNES-ALPES PMEGROUPE PASSMANFRANCEIT Equipment

REFERENCES

Revenue range: REV €10–30M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Acb Group by Andera Partners are reserved for mynth community members. Register for free to unlock full data.

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Acb Group, a Belgian company specialised in Electronic Components, by Andera Partners in 2016, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Arkea Capital in January 2012, before ownership was subsequently transferred to Arkea Capital / Societe Generale Capital Partenaires / BNP Paribas Developpement in September 2022 (see dedicated deal pages for details).

What was Acb Group’s revenue at the time of the deal?

At the time of the transaction, Acb Group’s annual revenue was estimated within the €10–30M range (FY 2016). Detailed financial figures are available to members.

How does the valuation of Acb Group compare to benchmarks in the TMT (Tech, Media, Telecom) sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the TMT (Tech, Media, Telecom) sector are valued at a multiple of 14.6x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.