ICAPE Group: Farringdon Acquires Stake Following the Sale of a 1.85% Block
ICAPE Group, a technology distributor, announces the entry of a new institutional investor into its capital following the sale of 150,000 shares, representing 1.85% of the capital, by its chairman Thierry Ballenghien. This move is part of the group's strategy to enhance the liquidity of its shares and to welcome a long-term shareholder.
Thierry Ballenghien, founder and chairman of the group, sold 150,000 shares off-market to the Luxembourg-based Farringdon European Opportunities fund through his family holding company, Balwen Holding. This transaction reduced his stake in the capital. Following this transaction, his share decreased from 50.96% to 49.1%, thus crossing below the 50% threshold. However, Ballenghien retains control of the group with 55.88% of the voting rights held directly and through his family holding, compared to 57.43% previously. He also remains a dominant player in the group's shareholder agreement since April 12, 2022.
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ICAPE Group, established in 1999, operates as a technology expert in the distribution of customized printed circuit boards and electronic components. Its global footprint spans 39 subsidiaries, with a significant presence in China, where the majority of the world's printed circuit board production takes place. The group's strategy is based on an integrated model that offers its customers a comprehensive range of products and services as a single provider. As of December 31, 2025, ICAPE Group reported a consolidated turnover of €200.3 million.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 113,3 millions d'euros
Quarterly revenue: 113,3 millions d'euros
EBITDA: 7,8 millions d'euros
EBITDA margin: 6,9 %
Net income: 1,6 millions d'euros
27,6 millions d'euros
Guidance from the release
we are confident enough to raise our annual revenue growth target and to confirm our 6% EBIT margin target for 2026
Risks mentioned
Gross margin affected by mechanical lag in passing price increases to customers in inflationary context and rise in average order sizes
Pressure on raw material costs and supply chain strains from global AI-related acceleration
Failure to close transaction in July requiring revised external growth target from €28m to €5m
Opportunities identified
Record order backlog of USD 134.9 million as of 25 September 2026 (+44% vs 30 June 2026, +133% vs 30 September 2025)
Strong AI-driven demand driving high order sizes and positioning ICAPE as essential supplier
Organic revenue growth of around +18% expected in 2026 with improved cost absorption from rising volumes
Outlook / guidance
Expected revenue: 236,5 millions d'euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
