VirTex Enterprises, a portfolio company of Insight Equity, has acquired Circuit Technology (Cirtech) from its founding owners.
Cirtech is a contract manufacturer of printed circuit boards and electromechanical assemblies used in the aerospace and defense industry. The company was founded in 1984 and is headquartered in Merrimack, NH (www.circuittec.com).
VirTex manufactures printed circuit board assemblies and other electronic systems for small and medium-sized customers active in the aerospace and defense, industrial, and medical industries. VirTex, led by CEO Brad Heath, is headquartered in Austin, TX with additional manufacturing facilities in Wisconsin, New Jersey, Massachusetts, Virginia, and Juarez, Mexico (www.virtexassembly.com).
“Cirtech extends VirTex’s geographic reach further into the northeast aerospace and defense corridor, enhancing our relationships with key military customers,” said Mr. Heath. “Cirtech also brings expertise in flex board production to the VirTex platform, which will be beneficial for our existing customers.”
“The acquisition of Cirtech further establishes VirTex’s position as a leading nationwide electronic manufacturing services (EMS) partner for low-volume, high complexity manufacturing within our core markets of aerospace and defense, medical, and industrial technology,” said Victor Vescovo, a managing partner at Insight Equity.
Insight Equity has been actively building VirTex since acquiring the company in October 2017. In September 2018, VirTex acquired PPI-Time Zero, a low-to-medium volume contract manufacturer of electronics components used in the aerospace and defense, medical, and industrial electronics industries.
PPI has facilities in Fairfield, NJ (headquarters); Waynesboro, VA; and Norwood, MA (www.ppi-timezero.com). PPI-Time Zero was acquired from Guardian Capital Partners which had purchased the company in January 2011 from Saugatuck Capital.
Insight Equity makes control investments in middle market, asset-intensive companies across a range of industries and specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm is based near Dallas in Southlake, TX and also has an office in New York (www.insightequity.com).
© 2019 Private Equity Professional | February 27, 2019
