DiscoverIE buys Slovakia's 2J Antennas for £45m

(Sharecast News) - International customised electronics designer and maker discoverIE Group said it had bought Slovakia-based 2J Antennas Group (2J), for €52.5m (£45m) on a debt free, cash free basis. Founded in 2002, 2J makes high performance antennas for industrial purposes. The company, which was owned by management who will continue with the business, is based in Bardejov, Slovakia with subsidiaries in the US and UK, selling into more than 50 countries.

DiscoverIE said 2J "has a long track record of profitable growth at operating margins significantly higher than the group average".

2J reported revenues of €18.1m (£15.5m), pre-tax profit of €4.4m (£3.8m), underlying operating profit of €3.7m (£3.2m) and a 21% underlying operating margin in 2022.

Reporting by Frank Prenesti for Sharecast.com