ARKEA CAPITAL, SOCIETE GENERALE CAPITAL PARTENAIRES & BNP PARIBAS DEVELOPPEMENT take majority stake in ACB GROUP

Advanced Circuit Boards (ACB) announced a capital restructuring that brings Arkéa Capital, Société Générale Capital Partenaires and BNP Paribas Développement into its shareholder base. The transaction follows a multi‑year partnership with Andera Partners, which has overseen a substantial expansion of the group since 2016, and results in the exit of Cabestan Capital 2 and the reinvestment of the management team. Founded in 1988, ACB is recognised as one of the leading European manufacturers of printed circuit boards for severe‑environment applications, serving aerospace, defence, medical and other strategic sectors. The new capital structure is complemented by a senior loan arranged by Société Générale and subscribed by BNP Paribas, Banque Populaire Grand Ouest and Caisse d’Épargne Pays de Loire. The entry of the three investors reflects a coherent strategic rationale anchored in long‑term value creation. Arkéa Capital, a subsidiary of Crédit Mutuel Arkéa, re‑engages with ACB after having supported the management‑buy‑in in 2012‑2016, valuing the company’s deep technical know‑how, high‑mix low‑volume production capability and its position in fast‑growing high‑tech markets. Société Générale Capital Partenaires and BNP Paribas Développement, both specialist minority‑equity investors, are attracted by the group’s proven ability to execute selective external growth and its resilient client base. Collectively, the investors provide patient capital, governance expertise and access to a broad network of industrial partners, thereby reinforcing ACB’s capacity to pursue a consolidation strategy across the European PCB landscape. Operationally, the new shareholders are expected to enable ACB to accelerate organic expansion while financing a series of targeted acquisitions in France and neighbouring European markets. The senior debt facility will fund capacity upgrades at the six production sites, including the French facilities in Malville, Bellême, Lyon and Rungis, and support the scaling of R&D activities dedicated to advanced multilayer and high‑reliability designs. Enhanced capital resources will also allow the group to deepen its service offering in component conditioning and programming, leveraging the earlier integration of Elmitech, and to strengthen its position as a preferred supplier for satellite, radar and implantable‑medical programmes. Over the medium term, the partnership is projected to improve cash conversion, broaden the product portfolio and consolidate ACB’s status as a pan‑European leader in severe‑environment electronics.