Standard Investment sells Flatfield in SEK 182m deal

The purchase price of the entire company is SEK 182m, which is equal to a multiple of approximately 7x its 2019 EBITA, before potential synergies.

Flatfield will be integrated in the European segment of NCAB. Arjan Sinoo, former commercial director of Flatfield, will be appointed as managing director of the new combined Benelux entity.

NCAB's acquisition was mainly financed with a loan. The company, which is listed on the Nasdaq Stockholm, is a supplier of printed circuit boards with a presence in 17 countries across Europe, Asia and North America. It generated revenues of SEK 1.78bn in 2019.

Amsterdam-based Standard Investment acquired a majority stake in Flatfield in November 2014. The GP targets controlling stakes in SMEs based across the Benelux region, with revenues in the €10-200m bracket.

Company
Established in 1987 and headquartered in Tiel, Flatfield is a manufacturer and supplier of printed circuit boards for the Benelux region and the German market. It also provides design consultation, and sourcing and logistics services to the electronic manufacturing industry.

The company employs 50 staff in its production facilities located in the Netherlands, Germany and China. It generated revenues of around SEK 300m in 2019 and an EBITA of approximately SEK 25m.

People
Standard Investment – Idgar van Kippersluis (managing partner).
NCAB Group – Hans Ståhl (CEO).

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