PCB Technologies to buy Silicon Valley's Gorilla Circuits for USD 120 million

Deal terms and timeline

According to PCB Technologies, the transaction reflects an enterprise value of USD 120 million at an EBITDA multiple of 7.6. The multiple is based on the average results for 2025 and the first half of 2026, and the price is subject to customary purchase price adjustments.

The acquisition will be carried out through a wholly owned subsidiary of PCB Technologies and financed through credit facilities extended by two leading Israeli banks. Closing depends on customary conditions, including regulatory approval from the Committee on Foreign Investment in the United States (CFIUS). The company expects the deal to close within the next eight months.

PCB Technologies says no immediate material capital investments are required, because Gorilla Circuits' facilities are fully equipped to support near-term growth.

What Gorilla Circuits brings

Gorilla Circuits has operated for over 20 years in San Jose, California. It specializes in high-mix, low-volume production runs, products designated for development, and products with short lead times. The company serves over 700 active customers, with semiconductor testing, technology, and aerospace and defense as its primary markets. According to the release, Gorilla Circuits was founded by Hershel Petty.

PCB Technologies states that the technology and aerospace and defense sectors accounted for approximately 35% and 40% of Gorilla Circuits' H1 2026 sales, respectively.

The financial figures provided by PCB Technologies show strong growth:

• Revenue: USD 69.4 million in fiscal year 2024, USD 91.9 million in 2025, and USD 54.9 million in the first half of 2026.
• Adjusted EBITDA: USD 3.0 million in 2024, USD 13.6 million in 2025, and USD 8.9 million in H1 2026 (post-IFRS 16 adjustments).
• Orders: USD 100 million in 2025, with an order run rate of approximately USD 131 million in 2026. The order backlog was roughly USD 38 million as of August 31, 2026.

Strategy: a US footprint for an Israeli manufacturer

PCB Technologies describes itself as an All-in-One provider of multilayer rigid, rigid-flex and multi-flex PCBs, advanced substrates, IC packaging, complex electronic assemblies and electro-mechanical sub-systems. It was established in 1981 and serves sectors including military and defense, aerospace, medical, RF/microwave, and robotics and automation.

The company says a physical production base in Silicon Valley will let the combined business bid on substantial US contracts that require onshore fabrication and engineering proximity. It also plans to bring its own advanced PCB substrates, microelectronics and next-generation IC packaging capabilities to the US market through Gorilla Circuits' portfolio.

Oved Shapira, CEO of PCB Technologies, said the deal "is intended to transform the scale of PCB Technologies and the opportunities available to us." He added that the company intends to expand access to iNPACK solutions for US customers, which it sees as advancing its ALL IN ONE strategy in the US market.

Mario Borjon, President of Gorilla Circuits, said the companies look forward to "jointly pursuing investments in expanding U.S. manufacturing capacity and introducing innovative technologies in thermal management and heat dissipation, RF solutions and miniaturization."

What it means

For PCB Technologies, the deal would add a US production site and a customer base of more than 700 active accounts in sectors where it already competes. For Gorilla Circuits' customers, the company says the combination should widen the range of solutions on offer and support larger, more complex programs while keeping the quality, flexibility and personal service the business is known for.

The outcome still depends on CFIUS approval and the other closing conditions. The company's own forward-looking statements note that failure to obtain regulatory approvals or satisfy other conditions could cause actual results to differ materially from expectations.