What ICAPE GROUP does

ICAPE Group, founded in 1999 and headquartered in Fontenay-aux-Roses, France, is a publicly listed (Euronext Growth Paris: ALICP) global distributor of printed circuit boards (PCBs) and custom technical electronic components. The company offers 12+ PCB technologies — including HDI, Rigid-Flex, Aluminum, Multilayer, RF/Microwave, Heavy Copper, IC Substrate, and standard single/double-sided boards — alongside nine categories of complementary electronic components (cables and connectors, transformers, displays, batteries, keypads, silicone and metal parts, and remotes). ICAPE operates a hybrid supply model combining 88 curated manufacturing partners across Asia, Europe, and South Africa with three in-house production facilities (ICAPE-MMAB in Sweden, ICAPE TRAX in South Africa, and CIPEM IHM in France), four quality laboratories, and eleven warehouses.

The company serves over 3,500 customers across 60 countries through 40 business units staffed by native-speaking personnel, 140 specialized sales engineers, and 300 customer service representatives. Distribution is multi-channel: direct enterprise field sales, an e-commerce platform (ICAPE Shop) for SMB and individual buyers, and regional channel partners (e.g., NTW in Japan, Bordan in Germany, MMAB in Sweden). End markets are diversified across automotive, medical, industrial, consumer/multimedia, aerospace, power/energy, telecom, railway, IoT, and lighting verticals. Pricing is quote-based and project-specific, and revenue streams are hardware-based: PCB distribution, electronic assembly (CIPEM-branded), and custom technical parts distribution.

Revenue reached €202.7 million in 2025 (+11.5% YoY) versus €181.6 million in 2024 (-2.2% YoY), with USD 69.3 million in backlog at end-2025 (+28.5% YoY). ICAPE has executed an aggressive M&A-led geographic expansion (MMAB Sweden 2022, Bordan Germany 2023, Studio E2 and P.C.S Italy 2024, Kingfisher UK 2024-2025, NTW Japan 2024, TEKUBE Italy 2026) and signed an MoU with EDGE Group (UAE) in May 2026 to enter the MENA market. The company also disclosed an ongoing FBI investigation into a $4.5 million accounting fraud at its US subsidiary and a 2026 decision to discontinue the IHM (France) and TRAX (South Africa) factories.

Name

ICAPE GROUP

Legal name

ICAPE Group

Website

https://icape-group.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

ICAPE Group is a French-headquartered global distributor of printed circuit boards and custom electronic components, serving over 3,500 customers across 60 countries through 40 business units, an 88-partner manufacturing network, and three in-house factories.

Ownership category

akta.pro rank

Product category

Printed Circuit Board Distribution

NAICS

Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418), Semiconductor and Other Electronic Component Manufacturing (3344), Bare Printed Circuit Board Manufacturing (334412)

SIC

Printed Circuit Boards (3672), Electronic Components & Accessories (3670)

akta.pro primary industry

PCB Assembly (PCBA/EMS) (HDAHAOAI)

Keywords

• Printed circuit boards
• PCB distribution
• Electronic components supply
• Custom technical parts
• PCB manufacturing services

Headquarters

HQ city

Fontenay

HQ country

France

HQ region

Europe

Offices18 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. PCB Distribution: Distribution of printed circuit boards including HDI, multilayer, flex, rigid-flex, and specialized PCB technologies
2. Electronic Assembly: Electronic assembly activities developing from core PCB manufacturing business
3. Technical Parts Distribution: Custom technical parts including cables, connectors, transformers, displays, and other electronic components

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

ICAPE Group is a global distributor of printed circuit boards (PCBs) and custom technical parts, sourcing from 88 manufacturing partners and three in-house factories to deliver all PCB technologies (HDI, Rigid-Flex, Aluminum, Multilayer, RF/Microwave, Heavy Copper, IC Substrate, Flex, etc.) plus electronic components (cables, connectors, transformers, displays, batteries, keypads). The offering is wrapped with design engineering, rapid prototyping, sourcing, quality control, laboratory, supply chain, and customer care services to electronics OEMs worldwide.

Product overview

ICAPE Group is a global distributor of printed circuit boards (PCBs) and custom technical parts, offering a comprehensive portfolio of 12+ PCB technologies (including HDI, Rigid-Flex, Aluminum, Flex, Multilayer, RF/Microwave, Heavy Copper, IC Substrate, and standard single/double-sided boards) along with 9+ categories of electronic components (cables & connectors, adapters, transformers, displays, batteries, keyboards, metal parts, silicone parts, and remotes). The company operates as a one-stop solution combining its core PCB and technical parts distribution with design engineering, prototyping, sourcing, quality control, and supply chain management services. ICAPE Group leverages 88 manufacturing partners across Asia, Europe, and South Africa, supplemented by three in-house factories (ICAPE TRAX, CIPEM IHM, and ICAPE-MMAB), and serves over 3,650 customers in 60 countries through 40 business units with 140 sales engineers.

Differentiator

Problem solved

Functional benefit

Brands

• CIPEM: A brand of ICAPE Group offering PCB manufacturing and technical assembly services
• ICAPE-MMAB
• ICAPE Planète Bleue

Products and services

• HDI PCBs

Quantifiable outcome

• 5.1% organic growth in 2025 excluding currency effects
• +2 more outcomes

Named customers3 records

Segments11 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• EDGE GroupcoreStrategic or Co-development Partner · 5 May 2026EDGE and ICAPE signed a memorandum of understanding to explore joint development and local supply of electronic subsystem components in the UAE. The partnership aims to embed ICAPE's PCB solutions within EDGE's manufacturing operations to develop a resilient, localized supply chain amidst increasing demand for such components. The collaboration reflects strategic efforts to enhance local industry capabilities and foster technology-driven growth in the UAE.
• NTW GroupcoreChannel Partner/ Reseller/ Distributor · 16 September 2024ICAPE Group acquired NTW, a Japanese PCB distributor founded in 2002. The acquisition aims to strengthen ICAPE's presence in Japan and Asia, expand customer base and product offerings, and generate synergies in purchasing and marketing. NTW generates over $20 million annually and serves major Japanese industrial clients across various sectors.
• Studio E2 and P.C.S SRLcoreChannel Partner/ Reseller/ Distributor · 12 February 2024ICAPE Group made two strategic acquisitions in Italy by acquiring Studio E2 and P.C.S SRL, a company with over 25 years of experience in the printed circuit industry. These acquisitions are part of ICAPE Group's growth plans in Italy and Southern Europe.
• Bordan Electronic ConsultcoreChannel Partner/ Reseller/ Distributor · 27 November 2023ICAPE Group acquired Bordan Electronic Consult, a German-based technical component distributor. The acquisition aims to expand ICAPE's presence in Germany, enhance sourcing capabilities, and generate synergies. The acquisition established ICAPE's CIPEM operation in Germany.
• MMAB GroupcoreChannel Partner/ Reseller/ Distributor · 5 December 2022ICAPE Group acquired MMAB Group, a Swedish PCB distributor and producer. This acquisition expanded ICAPE's presence in the Nordic region.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Aisler: European PCB e-commerce and prototyping platform offering instant quotes and small-batch orders; comparable to ICAPE Shop on SMB/prototype PCB procurement and online UX.
• PCBWay: China-based PCB prototype and small-volume e-commerce platform serving hobbyist and SMB customers worldwide; competes with ICAPE Shop on instant quote/online ordering for lower-complexity boards.

Direct peers

• NCAB Group: Sweden-based global PCB sourcing specialist serving industrial, automotive, aerospace, and medical customers via a multi-supplier model, directly comparable to ICAPE in business model, customer mix, and geographic breadth.
• Würth Elektronik: Division of the Würth Group producing and distributing PCBs and electronic components globally to industrial customers; overlapping with ICAPE in PCB distribution and electronic components supply.
• Eurocircuits: European PCB manufacturer/distributor focused on prototype and small-series PCBs with online ordering, overlapping with ICAPE's prototyping services and small-volume PCB business.

Broad incumbents

• TTM Technologies: Large US-based PCB manufacturer serving aerospace, defense, automotive, and computing OEMs; competes with ICAPE's higher-end PCB offerings (HDI, RF, IC substrate) and overlaps in customer segments.
• AT&S (Austria Technologie & Systemtechnik): Austrian PCB and IC substrate manufacturer serving mobile, automotive, industrial, and medical customers; overlaps with ICAPE in advanced PCB technologies and European industrial customers.
• Arrow Electronics: Global broadline electronic component distributor serving industrial and OEM customers; overlaps with ICAPE's Technical Parts distribution (connectors, cables, components) to enterprise customers.
• Avnet: Global electronic component distributor with broad product portfolio across connectors, semiconductors, and embedded solutions; partial overlap with ICAPE's technical parts and components offering.

Regional players

• Tripod Technology: Taiwan-based PCB manufacturer supplying HDI and multilayer boards to automotive, networking, and consumer customers in Asia; relevant comparability for ICAPE in scaling Asian-sourced PCB supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icapegroup
• Xx.com/icape_pcb

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICAPE GROUP