Bonfiglioli Agrees to Acquire Selcom Group
Bonfiglioli has agreed to acquire Selcom Group from funds controlled by Avenue Capital Group and Europa Investimenti. Selcom Group specializes in the design, production and sale of electronic boards, electronic products, as well as software and solutions for customers in the industrial, biomedical, automotive, intra-logistics and home-appliance automation sectors.
Completion of the transaction is subject to customary regulatory approvals.
Selcom Group, headquartered in Castel Maggiore (BO), had 2022 turnover of approximately 150 million euros (of which 60 percent from Italian production), generating +15 percent growth over the previous year despite the market shortages of electronic material. The company employs approximately 750 employees across four production plants in Italy (about 40 percent of the total) and two plants in Shanghai (Qingpu).
With a production capacity of approximately seven million electronic units/year, Selcom Group's production plants are able to meet demands for high volumes and high mixes. Its production capacity is supported by a highly qualified organization and fulfilment of sophisticated quality standards. Furthermore, Selcom Group completes its value proposition with system integrator activities by supplying turnkey automation systems to customer specifications.
Selcom also stands out for its engineering area where it employs about 70 people between Italy and China. This company area includes research and development and process engineering for hardware, software and mechanics as well as the in-house design of product validation test methods which, together with a high level of service and close collaboration with the customer, it completes the differentiating positioning of the company in the market.
“We saw in Selcom an excellent opportunity for Bonfiglioli: it is a company with great electronic technical skills, both in terms of design and process, that are absolutely complementary to ours,” says Fausto Carboni, CEO of Bonfiglioli. “Furthermore, on a commercial level, it is an extremely dynamic and motivated company, established in Europe and China, two strategic markets where it serves numerous customers who are among the largest and most important in their sector. This is strong testament to the company's professionalism and competitiveness."
Selcom Group represents a decisive strengthening of the electronic soul of Bonfiglioli, which was born in 2001 with the acquisition of the German Vectron Elektronik Gmbh, today Bonfiglioli Vectron Gmbh, a group company that designs and manufactures electronic drives for electric motors mostly for industrial uses. This acquisition will increase Bonfiglioli's development capacity, guaranteeing greater production verticalization, higher competitiveness and stronger control of quality standards.
Sonia Bonfiglioli, president of Bonfiglioli, states: “The impact of Industry 4.0, the increasingly evident pervasiveness of robotic systems in production and logistics processes, as well as the accelerated trend of the electrification of vehicles of all types, require even greater focus of Bonfiglioli in the development of mechatronic solutions of which electronics are obviously a fundamental component. The acquisition of Selcom finds its fundamentals in our desire to engage even more vertically in the design and value chain of control and power electronics. Furthermore, we are very happy that the acquisition concerns a company that today boasts multinational offshoots, but which was born and developed in Italy and in particular in the Bologna area; we are certain that the physical proximity to Bonfiglioli will further help to create synergies and solutions for our customers with high added value."
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