Saugatuck Sells APCT to Angeles Equity

Angeles Equity Partners has acquired APCT, a maker of multilayer printed circuit boards, from Saugatuck Capital.

APCT (Advanced Printed Circuit Technology) is a manufacturer of quick-turn, complex, multilayer printed circuit boards (PCB). 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. The company, led by CEO Steve Robinson, is headquartered in Santa Clara, CA with additional facilities in Orange, CA; Placentia, CA; and Wallingford, CT (

Saugatuck Capital acquired APCT in December 2013. In April 2016 the company acquired Tech Circuits and its sister company Source Technologies. Both companies are active in the prototyping and quick-turn manufacturing of complex printed circuit boards. Tech Circuits and Source Technologies were based near Hartford in Wallingford, CT. In January 2018, APCT acquired Cartel Electronics and its sister company Cirtech, both companies were Placentia, CA-based manufacturers of prototype and quick-turn rigid printed circuit boards for commercial applications.

“APCT is a leading provider of advanced quick-turn PCB prototypes for many of the world’s leading aerospace and defense, industrial, and consumer electronics companies,” said Timothy Meyer and Jordan Katz, co-founders and managing partners of Angeles Equity, in a released statement. “We are excited to partner with the APCT team, which has a long and successful history of executing a differentiated business model in this sector. We believe this is a compelling opportunity to leverage our firm’s strategy, M&A, and operational capabilities to help APCT realize its full potential.”

“The Angeles Equity team has significant experience creating value in businesses,” said Mr. Robinson. “We believe a great future lies ahead for APCT – and Angeles is the right partner to help accelerate our growth trajectory through technological innovations and strategic acquisitions.”

Angeles Equity makes control invests in companies with enterprise values up to $200 million that have headquarters and primary operations in the United States and Canada. Sectors of interest include aerospace, automotive, building products, capital goods, chemicals, electronics, manufacturing, metals, transportation & logistics, packaging and distribution. In January 2017, the firm closed Angeles Equity Partners I LP with $360 million in capital. The firm is headquartered in Los Angeles (

Lincoln International ( was the financial advisor to APCT on this transaction.

© 2019 Private Equity Professional | June 4, 2019

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