Homegrown Naxnova acquires Belgium’s Quad

Naxnova (formerly known as Classic Stripes), a design and technology company and one of the leading industry leaders in surface augmentation, has announced the acquisition of Quad Industries Belgium, a prominent player in the printed electronics sector today for Rs 90-crore.

22 Mar 2024 | By Rahul Kumar

Arne Casteleyn and Ruben Casteleyn of Quad with Salil Musale (c) of Naxnova

This marks a significant strategic move for Naxnova as it expands its market presence and solidifies its position as a frontrunner in delivering disruptive products and services for its customers. 

Naxnova has acquired 74% stake from the current shareholders of Quad Industries and the balance stake shall be acquired in a phased manner making the transaction a 100% share purchase deal over the next few quarters.

Established in 1998, Quad Industries Belgium has garnered a strong reputation for its next-generation technology in developing and manufacturing user interfaces and other printed solutions for the medical, wearables, consumer goods and automotive sectors in the European Union. 

This acquisition brings together the complementary capabilities of Naxnova and Quad Industries Belgium, enabling the combined entity to offer a broader range of next-generation products, particularly in the automotive, consumer goods, and healthcare sectors. 

Led by Arne and Ruben Casteleyn, Quad Industries has a well-established development and manufacturing facility located in Belgium and Slovakia.

In the past few years, Quad expanded its activities in the field of printed electronics even further so that we can now also provide these sectors with innovative, flexible sensor solutions.

Salil Musale, managing director of Naxnova, expressed his excitement for future opportunities: “We are delighted to welcome Quad Industries into the Naxnova family. 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 2 wheeler and 4 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. Through collaborating with the best companies we want to serve customers better than anyone else and we are on our way to do just that.”

Ruben Casteleyn, founder and managing director of Quad, also expressed his excitement about the acquisition. He said, “Joining forces with Naxnova presents an excellent opportunity for both companies. The synergies created through this collaboration enable us to deliver a great set of products and services to our customers. Together, we will continue to push the boundaries of technology and shape the future of printed electronics in markets where we operate.”

In recent months, Naxnova has also made an aggressive entry into the Indian white goods and passenger car segments. “We are thrilled to enter the white goods and passenger car segments with more customer-centric, wow products which are orbits above existing products offered by others in the industry. With an aggressive growth strategy in mind, we are confident that these innovative solutions will allow us to gain a substantial market share in India in 2024 and beyond. We have also significantly reduced our product development timeline, which is a significant achievement for us and extremely advantageous and in line with customers today. Our focus remains on providing exceptional value to our customers while keeping their needs at the centre of our operations,” Musale said. 

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