In its second acquisition in as many months, Astarc Group’s flagship company Naxnova, earlier known as Classic Stripes, Friday said it has acquired Advanced Thermal Technologies (ATT), an Austria-based thermal management solution provider.
The financial details of the deal remain undisclosed.
The deal follows Naxnova's acquisition of Beglium-based Quad Industries last month. The company has allocated a corpus of $100 million for its inorganic growth strategy.
“By combining our strengths with those of Advanced Thermal Technologies, we aim to accelerate product development, expand market reach, and create new opportunities for collaboration and partnership,” said Salil Musale, managing director, Naxnova. “These ingenious solutions in the field of thermal management will become a huge requirement for OEMs globally to ensure safety monitoring, and enhance human comfort.”
ATT specializes in designing, manufacturing, and distributing systems tailored to regulate the temperature within process chambers utilized in semiconductor manufacturing equipment. Notably, they excel in advanced driver assistance systems (ADAS) sensor and camera heating solutions, vehicle cabin solutions, battery heating solutions, battery diagnostic solutions, seat sensing and heating solutions, and more. Their clientele spans various sectors, including automotive, aerospace, retail, and building industries.
Quad Industries, in tandem with ATT, will forge a value chain harnessing the synergies across group companies. This collaborative effort aims to drive forward the rapid development and commercialization of next-generation thermal management solutions for a global clientele, with a particular focus on the burgeoning market in India, Naxnova said in a statement.
“With this acquisition, we aim to commercialise these products with our current customers and new customers in India,” he further added.
Naxnova, which has three manufacturing facilities in India, caters to the automotive industry, consumer durables and appliances industries. The company is entering the medical devices and wearables industry, expanding beyond automotive, consumer goods and appliances. The company currently has customers such as Yamaha, Ford, Honda, Suzuki, Tata Motors, Harley Davidson, KTM, Toyota, Hero, Bajaj, Panasonic, Samsung, among others.
