Hexatronic Group AB on November 2, 2020 entered into an agreement and completed the acquisition of 90 percent of the shares in Qubix S.p.A., an Italian supplier of structured cabling for telecommunication infrastructure in buildings and on campuses. The purchase price for the acquisition amounts to approximately €14.4 million. Qubix is a leading supplier of structured cabling in Italy, established there in 2001 as a spin-off of a cable manufacturer.
Most of the company’s total sales is currently in the Italian market. Qubix’s solutions are primarily used in local networks for internet access in office buildings, residential buildings and on university campuses. The structured cabling market in Italy has been growing by a few percentage points year over year over the last five years, and is expected to continue to grow at the same rate going forward, notes Hexatronic.
The seller is euromicron Holding GmbH which holds 90 percent of Qubix. The founder and general manager of Qubix will continue his current position and remain as a minority shareholder of 10 percent of the shares of Qubix. Qubix has generated an EBITDA of €3.8 million in the last twelve months. The acquisition is expected to be accretive to earnings, adding 0.70 SEK per Hexatronic share in the first full year after close.
“I look forward to welcoming Qubix and their team to Hexatronic Group. Qubix is the market leader in Italy within structured cabling and complements our offering within indoor telecommunication solutions,” commented Henrik Larsson Lyon, CEO of Hexatronic Group.
The purchase price of €14.4 million for 90 percent of the shares will be paid in cash. The purchase sum equates to a valuation multiple of 4.2 times based on EBITDA for the last twelve months. The acquisition is being financed by a senior bank loan from Danske Bank. Net debt/EBITDA for Hexatronic Group following the transaction is expected to be approximately 2.2x. The acquisition took place through a transfer of shares. Qubix will be consolidated into Hexatronic Group from Nov. 2. White & Case LLP acted as legal counsel to Hexatronic for its acquisition of Qubix.
“Hexatronic, as an international company focused on passive fiber-optic telecommunication infrastructure, strengthens our position on the market in Italy, where we with the acquisition have access to in-house production of fiber-optic cables, ducts and connectivity solutions,” concluded Filippo Gnocco, general manager of Qubix.
As noted by CablingInstall's sister publication, Lightwave, the announcement of the Quibix purchase comes shortly after Hexatronic revealed that it has also agreed to buy Baltronic Group OÜ and Toronics, for the expansion of Hexatronic's wireless and FTTH businesses in the Baltics and Scandinavia.