After a two-and-a-half-year hold, Angeles Equity has sold APCT, a maker of multilayer printed circuit boards, to Industrial Growth Partners. Angeles acquired APCT in June 2019 from Saugatuck Capital.
APCT (Advanced Printed Circuit Technology) is a designer and manufacturer of quick-turn, low volume, high mix, and complex printed circuit boards (PCBs), including multi-layer rigid, high density interconnect (HDI), rigid-flex and flexible circuits. The quick-turn segment within the printed circuit board industry is characterized by small quantities, premium pricing and fast turnaround times. APCT’s customers are active in the aerospace and defense, industrial, and medical sectors.
APCT, founded in 1977 and led by CEO Steve Robinson, is headquartered in Santa Clara, California with additional facilities in Orange and Placentia, California, and Wallingford, Connecticut.
“We are proud of what we have accomplished with Steve and the entire APCT team,” said Timothy Meyer and Jordan Katz, co-founders and managing partners of Angeles Equity, in a released statement. “The strategic and operational transformation we executed is a testament to the Angeles value creation model and another example of our ability to partner with management teams to build exceptional industrial businesses.”
Angeles Equity makes control investments 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, chemicals, electronics, transportation and logistics, packaging, and distribution. In January 2017, the Los Angeles-based firm closed Angeles Equity Partners I LP with $360 million in capital.
“It has been an incredible journey growing and transforming the business with the support of Angeles. Together, we strategically repositioned APCT to better serve key end markets and executed several impactful operational initiatives to accelerate growth and expand margins. Our entire team is thrilled by all we have accomplished during our partnership with Angeles,” said Mr. Robinson. “We believe a great future lies ahead for APCT and look forward to our new partnership with IGP.”
The acquisition of APCT was made through IGP’s fifth fund, Industrial Growth Partners V LP, which closed in May 2016 with $800 million of committed capital. APCT is the fund’s twelfth platform investment.
“IGP’s familiarity and experience within our core markets and products through current and prior investments make them the ideal partner for APCT,” added Mr. Robinson. “The entire APCT team is excited to partner with IGP and leverage their resources for strategic and operational support as we continue to grow and strengthen our business. IGP’s expertise and proven track record make them the right partner as we continue with our next phase of growth.”
Industrial Growth Partners provides equity capital to North American-based niche manufacturers and industrial services businesses with revenues of up to $250 million. The firm was founded in 1997 and is based in San Francisco.
Jefferies was the financial advisors to APCT on the transaction.
© 2021 Private Equity Professional | October 7, 2021