Mare Group acquires a 60 per cent stake in ASS.EL., a manufacturer of electronic circuit boards
The engineering firm headed by Antonio Maria Zinno continues to grow through external expansion. The deal is expected to be finalised in December
Mare Group has signed a binding agreement to acquire 60 per cent of the share capital of ASS.EL. S.r.l, a company based in Aprilia (in the province of Latina) which manufactures electronic circuit boards and repairs electronic and electromechanical equipment for the aerospace and defence sectors, and is a qualified supplier to major national and international operators, including Leonardo. The transaction is expected to be finalised by 31 December 2026. The deal is valued at €2.4 million. The enterprise value is approximately four times the expected EBITDA for 2026 (approximately 0.6 million on a production value of 5 million).
Antonio Maria Zinno, CEO of Mare Group, says: “ASS.EL. has a 35-year history, a portfolio of high-calibre clients in the aerospace and defence sectors, and a portion of its revenue is recurring thanks to ongoing maintenance. Demand for on-board electronics is growing alongside European investment in the sector, and platforms remain in service for decades: those who manufacture the circuit boards and then service the equipment work with the customer throughout the system’s entire lifecycle. With ASS.EL., our supply chain now covers almost the entire process, from design to after-sales, and establishes electronics as a key area in which we will continue to invest. The arrangement for the acquisition of the remaining 40 per cent links the value recognised for the Flamini family to the growth we will build together.”
The Agreement grants Mare Group the right to purchase the remaining 40 per cent of ASS.EL.’s share capital from the selling shareholders, and grants the selling shareholders the right to sell it to Mare Group; both rights may be exercised within six months of the third anniversary of the Closing.
“For over thirty years, we have been manufacturing and maintaining electronic equipment for the A&D sector,” says Marco Flamini, partner and COO of ASS.EL. _ “With Mare Group, we are joining a comprehensive supply chain that designs, manufactures and qualifies complex systems, giving us access to larger programmes and multiplying our opportunities for growth.”
Mare Group was founded in 2001: it is a high-tech engineering company operating in strategic sectors such as aerospace and defence, industry and transport, critical infrastructure and construction. Listed on Euronext Growth Milan, it operates as an industrial platform based on proprietary technologies and platforms, supported by over 700 staff across more than 30 offices in five countries. It has completed more than 30 research projects with Italian and international universities.
