SANTA CLARA, CA — APCT has agreed to purchase Aurora, Colorado-based PCB maker Advanced Circuits from Compass Diversified for around $220 million.

The deal is expected to be completed in February and is subject to certain working capital and other adjustments. Compass expects to realize a pretax gain on the sale of Advanced Circuits of $100 million to $110 million. Net proceeds will be used to pay off outstanding revolver borrowings.

Advanced Circuits had sales of about $90 million in 2022 and EBIDTA of about 30%, which would make the transaction worth about eight times EBIDTA. The combined company would make APCT competitive with Summit Interconnect for the second-largest PCB fabricator in the US, behind TTM.

"We partnered with John and Jeff Yacoub and the Advanced Circuits management team over sixteen years ago. They have been exceptional partners and friends over that period, and we are proud to have supported them as they built a true industry leader at Advanced Circuits," Elias Sabo, CEO, Compass Diversified, said in a statement. "We believe our permanent capital structure and the longer holding period it afforded CODI in this partnership helped create significant value for our shareholders. APCT represents the right partner for the Company in the next step of its journey and we wish them success."

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