Metatron Closes First Buy with Green Circuits Acquisition

Metatron Private Equity, a new investment platform formed by Reichmann Segal Capital Partners, has acquired Green Circuits, a provider of electronics manufacturing services, from Evolve Capital, which acquired the business in 2018.

Green Circuits is a provider of high-mix, high-complexity printed circuit board (PCB) services, including design, fabrication, assembly, testing, and box-build integration, to companies operating in the aerospace and defense, medical technology, industrial, and advanced technology sectors. The company is recognized across the EMS industry for its quick-turn model, which can deliver same-day turns on printed circuit assemblies.

“We believe Green Circuits is uniquely positioned to capitalize on increasing demand for domestic electronics manufacturing, supply chain resiliency, and high-complexity production capabilities,” said Charles Reichmann, co-CEO of Metatron. “We are excited to support the company’s next phase of growth through strategic investment, operational and geographic expansion, and customer growth and diversification. We are thrilled to partner with Michael and the incredible Green Circuits team.”

Green Circuits, led by CEO Michael Hinshaw Jr., was founded in 2006 and operates from a 60,000-square-foot headquarters and production facility in San Jose, California.

“We are truly fortunate to join Metatron as we move to the next chapter at Green Circuits,” said Mr. Hinshaw. “Charles and Jarrad share our passion for the sectors we serve and our drive to provide unrivaled service. Their support will enable Green to better serve our customers with investments in footprint, talent, and capabilities.”

Metatron Private Equity makes control investments in North American-based companies with $5 million to $50 million in EBITDA. Sectors of interest include industrials and manufacturing, healthcare, business services, financials, consumer staples, utility and infrastructure services, energy and energy services, and technology. The firm was formed by Reichmann Segal as its primary investment vehicle and the acquisition of Green Circuits is Metatron’s first platform and Reichmann Segal’s third overall platform investment and its second in the electronics manufacturing services sector.

“Green Circuits represents exactly the type of platform investment we seek to partner with through Metatron Private Equity,” said Jarrad Segal, co-CEO of Metatron. “The company has an exceptional reputation in the EMS industry, a highly skilled industry-leading management team, and a differentiated customer offering in one of the most important technology ecosystems in the world.”

Evolve Capital acquired Green Circuits in 2018 with capital support from Praesidian Capital. During its eight-year hold, the company’s revenue doubled and EBITDA increased by 2.5x. This resulted in a 3.5x return on Evolve’s invested capital. Evolve invests in businesses with $2 million to $5 million in EBITDA. Sectors of interest include light manufacturing and assembly, healthcare services, and industrial services. The firm was founded in 2005 and is headquartered in Dallas.

“Praesidian was a valued partner throughout our ownership of Green Circuits,” said Ryan Shultz, a partner at Evolve. “Their collaborative approach and support contributed meaningfully to the company’s success.”

Praesidian is a provider of senior and subordinated debt, along with growth capital, to lower middle-market businesses with revenues of $5 million to $100 million and EBITDA of $1 million to $15 million. The firm’s sectors of interest are varied, although it prefers light manufacturing and consumer companies. Praesidian invests in companies based in the United States, United Kingdom, Germany, and selectively in Northern Europe. Since its founding in 2002, Oklahoma City-headquartered Praesidian has invested approximately $1 billion in more than 100 businesses in the U.S. and Europe.“We are pleased to have partnered with Evolve Capital and the Green Circuits management team to support the company’s growth,” said Jason Drattell, founder and managing partner at Praesidian. “We are proud to have supported a strong outcome for all stakeholders and appreciate the collaboration throughout the investment.”

Reichmann Segal was founded in 2024 by Charles Reichmann and Jarrad Segal in partnership with the Reichmann family, a prominent name in Canadian business. Headquartered in Toronto, the firm invests in North American businesses across industrial products, business and industrial services, infrastructure services, essential consumer products, distribution, and healthcare services.

Lincoln International was the financial advisor to Green Circuits and Evolve on this transaction. Debt financing was provided by a lender syndicate led by National Bank of Canada and including Fédération des caisses Desjardins du Québec, Meridian Credit Union, Export Development Canada, Bank of America, Citibank, and MGG Investment Group.