Saugatuck Keeps Building APCT

Saugatuck Keeps Building APCT

APCT, a portfolio company of Saugatuck Capital, has acquired Cartel Electronics and its sister company Cirtech.

Cartel Electronics specializes in the manufacture of prototype and quick-turn rigid printed circuit boards for commercial applications. The company is headquartered near Los Angeles in Placentia, CA ( In December 2016, Cartel Electronics acquired Cirtech, a maker of printed circuit boards for the aerospace and defense markets. Cirtech was founded in 1965 and is headquartered near Los Angeles in Orange, CA (

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, headquartered in Santa Clara, CA, was founded in 1977 and has over 90 employees (

The buy of Cartel Electronics is the second add-on acquisition for APCT. 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 highly complex printed circuit boards. Tech Circuits and Source Technologies, now units of APCT, are based near Hartford in Wallingford, CT.

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 $100 million and invests in a wide range of niche industries. Saugatuck was founded in 1982 and is based in Wilton, CT (

CIBC (Canadian Imperial Bank of Commerce), APCT’s senior lender, provided debt financing for the transaction.

© 2018 Private Equity Professional | January 31, 2018

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