mynth
01/2012Minority

Arkea Capital invests in Acb Group

BELGIUM Hardware & Electronics / Electronic Components REV 1m EUR - 100m EUR

Context

In July 2012, Arkéa Capital entered into a minority equity participation concurrent with a management‑buy‑in (MBI) transaction that transferred ownership of Advanced Circuit Boards (ACB) to a new executive team led by Gilles Rigon and Humbert de Sallmard. The acquisition was structured as a leveraged buy‑out supported by Arkéa Capital and the Eurefi fund, targeting a specialist manufacturer of high‑reliability printed circuit assemblies serving defence, aerospace and medical markets. The transaction marked the first institutional infusion into ACB, positioning the company for a defined growth trajectory under the stewardship of its newly installed management. From Arkéa Capital’s perspective, the investment aligned with a sector‑focused mandate to capture value in critical‑technology supply chains where barriers to entry are high and long‑term demand is insulated from cyclical fluctuations. ACB’s proprietary process capabilities, certifications for safety‑critical applications, and established OEM relationships offered a platform for margin expansion through operational leverage and selective inorganic growth. The fund’s thesis emphasized the ability to augment the management team’s strategic vision, deploy capital for capacity upgrades, and leverage Arkéa’s network to open downstream opportunities in sovereign and commercial programmes.

Acb Group, which reported an EBITDA margin of [members only] in 2012, 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
2012
€1–100M
[members only]
[members only]
2011
€1–100M
[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
10/2016ANDERA PARTNERSACB GROUPBELGIUMElectronic Components

Other operations with Arkea Capital

Other operations with Arkea Capital
DateAcquirerTargetCountrySector
09/2026ARKEA CAPITALGROUPE ROUGER INDUSTRIESFRANCEMetallurgy / Foundry
01/2026ARKEA CAPITALGROUPE BARTOLACFRANCEPaints & Coatings
11/2025ARKEA CAPITAL / IDIA CAPITAL INVESTISSEMENT / EPOPEE GESTIONTHE REEFER GROUP (TRG)FRANCEHeavy Duty & Special Vehicles
04/2025ARKEA CAPITALADOPT PARFUMSFRANCEBeauty & Cosmetics
10/2024ARKEA CAPITALSEGEPOFRANCEComponents
11/2022ARKEA CAPITAL / BNP PARIBAS DEVELOPPEMENT / IRD INVESTMEDIASCIENCEFRANCEEducational Equipment
09/2022ARKEA CAPITAL / SOCIETE GENERALE CAPITAL PARTENAIRES / BNP PARIBAS DEVELOPPEMENTACB GROUPBELGIUMElectronic Components
12/2018ARKEA CAPITAL / UNEXO / SOCADIFGROUPE MALHERBEFRANCERoad Freight

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
10/2016ANDERA PARTNERSACB GROUPBELGIUMElectronic Components
06/2015ALLEGIONSIMONSVOSS TECHNOLOGIESGERMANYIoT & Connected Objects
05/2014ANDERA PARTNERSGROUPE PASSMANFRANCEIT Equipment
04/2014PAI PARTNERS / THE CARLYLE GROUPINNOVISTA (EX CST)FRANCESensors & Optics
07/2010PUBLIC MARKETS (IPO)SMART TECHNOLOGIESCANADAIT Equipment
05/2010HG CAPITALSIMONSVOSS TECHNOLOGIESGERMANYIoT & Connected Objects
04/2010SIPAREX / RHÔNES-ALPES PMEGROUPE PASSMANFRANCEIT Equipment

REFERENCES

Revenue range: REV 1m EUR - 100m EUR

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 Arkea Capital 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: arkea capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Acb Group, a Belgian company specialised in Electronic Components, by Arkea Capital in 2012. Ownership has since evolved, leading to a subsequent transaction with Andera Partners in October 2016 (see the dedicated deal page for details).

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.