Naxnova acquires Quad Industries for INR 90 crore – Indian brand expands to European market with strategic move
22 March 2024: Naxnova (formerly known as Classic Stripes), a design and technology company; 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 for INR 90 crore (approximately Euro 10 Mn). This substantial investment 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.
Salil Musale, Managing Director of Naxnova, expressed his excitement for future opportunities, stating, “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 and 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 and 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 & Managing Director of Quad 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.”
Both Naxnova and Quad Industries Belgium share a commitment to fostering innovation, fast product development and learning new technologies in line with customers current and future needs.
Naxnova’s product lineup includes a wide array of next generation solutions designed to enhance interior and exterior branding, improve safety, provide comfort & convenience and offer a wow factor with its design strengths. Their products range from illuminated surfaces for branding, safety sensors, touch HMIs to soft and hard surface thermal management, battery thermal management, etc.
Additionally, Naxnova offers various other electronic products such as wireless chargers, paddle door handles, interior roof lighting, parking sensors, exterior body kits, e-mirrors, blind-spot detection sensors, defogging sensors, electronic sidesteps, etc.
While expanding its futuristic product portfolio, the company has also steadily expanded in its decorative by adding more decorative and aesthetic products for the two-wheeler and passenger car segments in India. With this acquisition, Naxnova will have added more products to offer the Indian 2-wheeler, passenger car, and white goods industry.
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 center of our operations. We are perfectly aligned and our working hard towards our Hon’ble PM’s initiative and vision of designing and manufacturing products in India for the World.” Salil Musale added.
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