Astarc Group’s flagship company Classic Stripes, which rebranded to Naxnova last month, has acquired Belgium-based maker of customised printed electronics Quad Industries, in a bid to strengthen its manufacturing know-how, product range and market presence as a part of its growth strategy.
Naxnova, which designs and makes decals, flexible 3D badges, smart surfaces and electronic solutions to original equipment manufacturers, acquired a 74% stake in Quad for about ₹90 crore (Euro 10 million), Salil Musale, managing director, said in an exclusive interaction.
“This strategic acquisition aligns with our growth strategy to offer the latest advanced products to our customers globally,” said Musale. “(It helps us get the) know-how in terms of product, design, manufacturing processes and products very quickly, (besides) the customers outside.”
The company’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.
“This transaction aligns with our growth strategy as our new offerings will replace old-technology products in the consumer durables market and in the 2-wheeler and 4-wheeler segment. This will help us increase our market share and revenue from Indian operations exponentially going forward,” Musale added.
The Mumbai-based company will acquire the remaining stake in Quad from its shareholders in the next few quarters. However, Quad will continue to operate independently, led by its current management Arne and Ruben Casteleyn.
Naxnova, which has three manufacturing facilities in India, caters to the automotive, consumer durables and appliances industries in India.
With the acquisition of Quad, which has development and manufacturing facilities in Belgium and Slovakia, the company also gets access to segments such as medical, wearables, consumer goods & automotive sector in European markets.
The acquisition is one of the many Naxnova is eyeing to diversify its consumer base and the sectors it caters to, with an aim to target premium customers. It has allocated a corpus of $100 million for its inorganic growth strategy.
The company is entering the medical devices and wearables industry, expanding beyond automotive, consumer goods and appliances. The company currently has customers such as Yamaha, Ford, Honda, Suzuki, Tata Motors, Harley Davidson, KTM, Toyota, Hero, Bajaj, Panasonic, and Samsung.