APCT, a manufacturer of multilayer printed circuit boards and a portfolio company of Saugatuck Capital, has acquired the stock of Tech Circuits and its sister company Source Technologies. APCT has been a portfolio company of Saugatuck since December 2013.
Tech Circuits and Source Technologies (Tech Circuits) are manufacturers of time critical advanced technology printed circuit boards. The companies operate a 46,000 sq. ft. manufacturing facility with 56 employees. Tech Circuits was founded in 1979 and is based south of Hartford in Wallingford, CT (www.techcircuits.com)
APCT (Advanced Printed Circuit Technology) 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 time-critical manufacturing capabilities. These jobs are typically characterized by small quantities, premium pricing and fast turnaround times. APCT was founded in 1977 and has over 90 employees and is headquartered in Santa Clara, CA (www.apctinc.com).
Amalgamated Bank (www.amalcap.com) and Greyrock Capital (www.greyrockcapitalgroup.com), APCT’s current lenders, provided additional debt financing for the transaction. Saugatuck provided additional equity through its eighth fund, Saugatuck Capital Company VIII LLC.
Saugatuck invests in leveraged recapitalizations, buyouts, and growth equity investments in the lower middle-market. The firm 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).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-20-16
