APCT is a manufacturer of quick-turn, complex, multilayer printed circuit boards. The quick-turn segment is a market niche within the printed circuit board industry that serves original equipment manufacturers and electronic manufacturing services providers who require high quality, time-critical manufacturing capabilities. These jobs are typically characterized by small quantities, premium pricing and fast turnaround times. APCT has over 90 employees and is headquartered in Santa Clara, CA (www.apctinc.com).
APCT was founded in 1977 as Advanced Printed Circuit Technology and was acquired by the current ownership group (CEO Steve Robinson, CFO Ed Barclay, and VP of Business Development, Bill Boyle) in 2008. Messrs. Robinson, Barclay, and Boyle are former senior members of the management team of Data Circuit Systems, a prior Saugatuck Capital portfolio company that the firm owned from 2000 to 2004.
Saugatuck Capital invests in leveraged recapitalizations, buyouts, and growth equity investments in the lower middle-market. Saugatuck seeks companies with revenues of $15 million to $125 million in fragmented service and manufacturing industries. Saugatuck was founded in 1982 and is based in Wilton, CT (www.saugatuckcapital.com).
Amalgamated Capital (www.amalcap.com) provided the senior debt financing and Greyrock Capital Group (www.greyrockcapitalgroup.com) provided the mezzanine financing as well as an equity investment for this transaction.
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-20-13