Naxnova Acquires Quad Industries For Rs 90 crore
- ByStartupStory | March 21, 2024
Naxnova, a renowned design and technology enterprise, has made a significant stride in its expansion endeavors with the acquisition of Quad Industries Belgium, a key player in the printed electronics domain. The acquisition, valued at Rs 90 crore (10 million euros), signifies a strategic move aimed at fortifying Naxnova’s product spectrum and market presence, particularly within the automotive sector.
Under the agreement, Naxnova has secured a 74% stake from the current shareholders of Quad Industries, with plans to acquire the remaining stake gradually over the coming quarters, thereby solidifying the transaction as a 100% share purchase deal.
Quad Industries Belgium, established in 1998, specializes in developing and manufacturing user interfaces and printed solutions for a diverse array of industries including medical, wearables, consumer goods, and automotive sectors across Europe. Led by Arne and Ruben Casteleyn, Quad Industries boasts a well-established development and manufacturing facility located in Belgium and Slovakia.
Salil Musale, Managing Director of Naxnova, expressed enthusiasm about the strategic acquisition, stating, “This strategic acquisition aligns with our growth strategy to offer the latest advanced products to our customers globally. This transaction perfectly aligns with our growth strategy not just worldwide but immediately in the Indian market as our new offerings will replace old technology products in consumer durables market and in the two-wheeler and four-wheeler segment. This will help us increase our market share and revenue from Indian operations exponentially going forward. Our merged capabilities will allow us to design, develop & supply advanced, high value next-generation products to our customers with more speed, fostering stronger customer relationships and leaping ahead of our competition. Speed, high quality & best design functionality are the core of our business.”
Ruben Casteleyn, Founder & Managing Director of Quad, echoed Musale’s sentiments, emphasizing the synergies created through the collaboration and the shared commitment to technological innovation.
The merger between Naxnova and Quad Industries is poised to unlock a plethora of opportunities for both entities, enabling them to offer an expanded range of next-generation products, particularly within the automotive, consumer goods, and healthcare sectors. This strategic move underscores Naxnova’s dedication to providing cutting-edge solutions and solidifies its position as a leader in the design and technology landscape.
Naxnova’s existing product lineup already encompasses a diverse array of next-generation solutions geared towards enhancing interior and exterior branding, improving safety, providing comfort and convenience, and offering premium design aesthetics. With the inclusion of Quad Industries’ expertise and offerings, Naxnova aims to further enrich its portfolio, catering to the evolving needs of the automotive industry.
In addition to strengthening its presence in the automotive sector, Naxnova’s expansion efforts extend to the Indian market, where it seeks to capitalize on the burgeoning demand for innovative technology solutions in the two-wheeler, passenger car, and white goods segments.
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