M&A

M&A

Classic Stripes acquires 74% in Belgian printed electronics co Quad for Rs.90-Cr

Mint  

Mumbai-based Astarc Group’s decal printing company Classic Stripes, which recently rebranded to Naxnova, has acquired a 74% stake in Belgium-based maker of customised printed electronics Quad Industries , for INR 90 crore (Euro 10 million). The balance stake will be acquired in the next few quarters. Quad will continue to operate independently, led by its current management Arne Casteleyn and Ruben Casteleyn.Quad’s product range includes illuminated surfaces for branding, safety sensors, touch surfaces, soft and hard surface thermal management, battery thermal management, and electronic products such as wireless chargers, paddle door handles, interior roof lighting, parking sensors, e-mirrors, and blind-spot detection sensors.Naxnova will use the acquisition to replace old-technology products in the consumer durables market as well as the 2-wheeler and 4-wheeler segments in India. Quad, which has development and manufacturing facilities in Belgium and Slovakia, will also provide Naxnova access to segments such as medical, wearables, consumer goods & automotive sector in European markets.