AQ Group acquires B3CG Interconnect
AQ Group AB has on May 8, 2018 signed an agreement to acquire 100% of the shares of B3CG Interconnect Inc. ( http://www.b3cg.com/en/home/ ) and its affiliate B3CG Interconnect USA Inc. The purchase price consists of Can$ 13.6 million plus an earnout over two years with a maximum of Can$ 6 million. The closing will take place today.
B3CG is a leading supplier of complex electrical harnesses, high voltage cables, and electromechanical assemblies for various industries. The two companies have a total net sales of about Can$ 35 million with a profit margin in line with AQ. They employ about 300 people in their operations in Saint Eustache, Quebec, Canada and in Plattsburgh, New York, U.S.A.
"We are very excited about entering Canada and U.S.A. B3CG has a long history with experienced management and the company fits well in AQ and our business area Wiring Systems. We have visited their biggest customers and received very good feedback so we are very happy about this acquisition" says Claes Mellgren, CEO of AQ Group.
“AQ Group is a strong player in contract manufacturing and it has subsidiaries with similar business to our own. AQ has strong core values, which fit well with our culture. We look positively to being part of an international group and we believe that it will support us in our growth ambitions.”, says François Demers, CEO of B3CG.
For further information, please contact:
Claes Mellgren, CEO, +46 70 592 83 38
AQ Group is required to make the information in this press release public in accordance with the EU Market Abuse Regulation. The information was released by CEO Claes Mellgren for publication at 20:00 hours CET on May 8, 2018.
AQ in brief
AQ is a leading supplier to demanding industrial customers and is listed on Nasdaq Stockholm’s main market.
The Group consists mainly of operating companies each of which develop their special skills and in cooperation with other companies, striving to provide cost effective solutions in close cooperation with the customer.
The Group headquarter is in Västerås, Sweden. AQ has, on December 31, 2017, in total about 5,500 employees in Sweden, Bulgaria, China, Estonia, Hungary, India, Italy, Lithuania, Mexico, Poland, Serbia and Thailand.
In 2017 AQ had net sales of about SEK 4.0 billion and the group has since its start in 1994 shown profit every quarter.
AQ has the highest credit rating AAA according to Bisnode.