Exeter Street Capital Partners Unveils Strategic Recapitalization of Price Circuits and Circuitronics for Growth
In a significant move aimed at enhancing growth within the advanced electronics sector, Exeter Street Capital Partners has announced the recapitalization of Price Circuits LLC and Circuitronics LLC. This strategic initiative marks another milestone for Exeter, the private equity affiliate of Patriot Capital Group, as it embarks on its fourth platform investment, targeting a new buy-and-build strategy focused on the design and manufacturing of advanced printed circuit boards (PCBs) for a variety of industries, including Aerospace and Defense.
Founded in 1994 and located in Elgin, Illinois, Price Circuits has established itself as a leader in quick-turn, low-volume PCB fabrication. Known for its ability to transform complex engineering concepts into functional boards promptly, the company boasts certifications such as ITAR and AS9100, which are crucial for serving high-stakes applications in sectors like Aerospace, Defense, and other niche industrial markets. The firm’s reputation as "the engineer's playground" reflects its dedication to engineering excellence, and it has become an invaluable partner to some of the most advanced manufacturing firms across North America.
Sibi Varghese, CEO of Price Circuits, expressed his enthusiasm about this partnership, stating, “We have built a reputation that sells itself over the past three decades. Our team of engineers excels at rapidly turning customer ideas into functioning boards, often faster than any of our competitors in the nation. By teaming up with Exeter and our new executive partners, we are equipped with the capital and resources necessary to elevate our company further, benefiting both our loyal customers and our strategic objectives.”
In concert with this recapitalization, Exeter has also engaged two highly experienced industry executives. Dana Pittman and Jim Russell will serve as Executive Partners, bringing with them decades of specialized knowledge in advanced electronic manufacturing. Pittman, previously President and CEO of PPI TimeZero, has over 40 years of experience in leading private equity-backed platforms, while Russell, who has spent 30 years in technical manufacturing, will chair Price Circuits, having successfully navigated three private equity recapitalizations at RD Altanova before its acquisition by Advantest Group in 2022.
Jim Russell commented on the current state of the advanced electronics market, indicating it is on the brink of a generational demand expansion influenced by several factors, including increased defense spending, onshoring programs, commercial aviation recovery, along with advancements in Artificial Intelligence and the Internet of Things. He stated, “Price Circuits occupies a critical position within the design-to-prototype-to-commercialization phase of this expanding demand cycle where quality, speed, and engineering expertise are paramount.”
Exeter Street Capital’s managing director, Franklin Staley, highlighted Price Circuits' defensible market position, distinguished customer base, and an inviting roadmap for growth. He underscored the investment’s potential to transform Price into a scaled leader in the industry, fueled by the seasoned executives' experience and the company’s significant untapped growth potential. Staley remarked, “We are excited to partner with Sibi and grateful for the Varghese family’s trust in us to further their legacy.”
Additionally, Capitala Group and Five Points Capital contributed institutional debt and equity to strengthen the transaction, while Pinnacle Bank provided essential senior working capital financing. Legal counsel for Exeter was supplied by McGuireWoods LLP, and Citrin Cooperman served as financial and tax advisors.
About Price Circuits: Price Circuits is well-regarded in the U.S. as a PCB fabricator, producing cutting-edge technology including HDI and flexible printed circuits. Specializing in rapid, low-volume design, prototyping, and pre-commercial manufacturing, the company serves various key sectors in North America, ensuring adherence to quality standards set by AS9100 and ITAR certifications. With over 100 active customers annually, including major Tier 1 defense contractors, Price Circuits exemplifies excellence in sectors requiring the highest quality and speed.
About Exeter Street Capital Partners: Operating as the independent sponsor strategy of Patriot Capital, Exeter Street focuses on investing in promising small-cap companies across growth sectors. Their approach centers on forming lasting partnerships with existing management teams, together aiming to accelerate growth and build long-term value without a predetermined exit timeline. Exeter has successfully raised and deployed over $1 billion across multiple investments since its inception in 2014, confirming its position as a prominent player in the private equity landscape.
Founded in 1994 and located in Elgin, Illinois, Price Circuits has established itself as a leader in quick-turn, low-volume PCB fabrication. Known for its ability to transform complex engineering concepts into functional boards promptly, the company boasts certifications such as ITAR and AS9100, which are crucial for serving high-stakes applications in sectors like Aerospace, Defense, and other niche industrial markets. The firm’s reputation as "the engineer's playground" reflects its dedication to engineering excellence, and it has become an invaluable partner to some of the most advanced manufacturing firms across North America.
Sibi Varghese, CEO of Price Circuits, expressed his enthusiasm about this partnership, stating, “We have built a reputation that sells itself over the past three decades. Our team of engineers excels at rapidly turning customer ideas into functioning boards, often faster than any of our competitors in the nation. By teaming up with Exeter and our new executive partners, we are equipped with the capital and resources necessary to elevate our company further, benefiting both our loyal customers and our strategic objectives.”
In concert with this recapitalization, Exeter has also engaged two highly experienced industry executives. Dana Pittman and Jim Russell will serve as Executive Partners, bringing with them decades of specialized knowledge in advanced electronic manufacturing. Pittman, previously President and CEO of PPI TimeZero, has over 40 years of experience in leading private equity-backed platforms, while Russell, who has spent 30 years in technical manufacturing, will chair Price Circuits, having successfully navigated three private equity recapitalizations at RD Altanova before its acquisition by Advantest Group in 2022.
Jim Russell commented on the current state of the advanced electronics market, indicating it is on the brink of a generational demand expansion influenced by several factors, including increased defense spending, onshoring programs, commercial aviation recovery, along with advancements in Artificial Intelligence and the Internet of Things. He stated, “Price Circuits occupies a critical position within the design-to-prototype-to-commercialization phase of this expanding demand cycle where quality, speed, and engineering expertise are paramount.”
Exeter Street Capital’s managing director, Franklin Staley, highlighted Price Circuits' defensible market position, distinguished customer base, and an inviting roadmap for growth. He underscored the investment’s potential to transform Price into a scaled leader in the industry, fueled by the seasoned executives' experience and the company’s significant untapped growth potential. Staley remarked, “We are excited to partner with Sibi and grateful for the Varghese family’s trust in us to further their legacy.”
Additionally, Capitala Group and Five Points Capital contributed institutional debt and equity to strengthen the transaction, while Pinnacle Bank provided essential senior working capital financing. Legal counsel for Exeter was supplied by McGuireWoods LLP, and Citrin Cooperman served as financial and tax advisors.
About Price Circuits: Price Circuits is well-regarded in the U.S. as a PCB fabricator, producing cutting-edge technology including HDI and flexible printed circuits. Specializing in rapid, low-volume design, prototyping, and pre-commercial manufacturing, the company serves various key sectors in North America, ensuring adherence to quality standards set by AS9100 and ITAR certifications. With over 100 active customers annually, including major Tier 1 defense contractors, Price Circuits exemplifies excellence in sectors requiring the highest quality and speed.
About Exeter Street Capital Partners: Operating as the independent sponsor strategy of Patriot Capital, Exeter Street focuses on investing in promising small-cap companies across growth sectors. Their approach centers on forming lasting partnerships with existing management teams, together aiming to accelerate growth and build long-term value without a predetermined exit timeline. Exeter has successfully raised and deployed over $1 billion across multiple investments since its inception in 2014, confirming its position as a prominent player in the private equity landscape.
Topics Financial Services & Investing）
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