Tom Kastner: Navigating the Complex World of M&A

Estimated reading time: 3 minutes

With a background spanning Silicon Valley, Japan, and Chicago, Punching Out columnist Tom Kastner has helped countless PCB and EMS business owners achieve their goals. In this interview, Tom reflects on his path from anthropology student to M&A expert, his love of nature and restoration work, and the satisfaction of guiding entrepreneurs through one of the most complex—and rewarding—transitions in business.

Marcy LaRont: Tom, you are our resident expert on mergers and acquisitions for PCB and EMS shops in the U.S. Your column provides a great insight into this part of the market. Let’s get to know you better. Where were you born and raised? What’s a favorite childhood memory?

Tom Kastner: I was born in Southern California and lived on Balboa Island for several years. I recall that I ate a lot of chocolate-covered frozen bananas. We moved to Santa Clara when I was 12, so I consider myself a Silicon Valley guy. I lived in Japan for nine years and have lived in the Chicago area for 27 years.

So, you are a Chicago transplant from California. Where did you attend college, and what did you study?

I attended UC Berkeley, earning a degree in Anthropology. I have an MBA from Yale. I was trained in electronics on the hard streets of Tokyo. I worked for Hakuto, a Japanese manufacturer of PCB equipment and a semiconductor distributor, which was how I got into the industry.

What professional accomplishments are you most proud of?

It is very satisfying to help company founders realize their dream of selling their business. I started GP Ventures in 2008, and we've been in business for 17 years. I am proud of that.

How do you like to spend your time outside of work, and what helps you create a work-life balance?

I am a bit of a naturalist and love the outdoors. I spend a lot of time volunteering for the Cook County (Illinois) Forest Preserves, helping to restore prairies and woodlands to a more natural state. We cut down invasive trees and bushes with chainsaws and brush cutters, and then create burn piles in the winter. The rest of the year, we participate in a range of other activities, such as removing non-native plants, planting native plants, and collecting seeds.

Tom, what do you enjoy most about your work in helping owners sell their businesses to the “next-generation” owner?

An M&A deal is very complex and time-consuming. Most deals have multiple peaks and valleys that require solving complex tasks and working with a diverse range of personalities. It is interesting to work with intelligent entrepreneurs who have fascinating backgrounds. So far, no one has come up to me during or after a deal and hit me in the head with a frying pan, which I consider to be quite an achievement.

What is your view of the future of business and industry in the coming years and decades?

I believe that the trends for the industry are strong, especially given the current support from the federal and other governments.

PCB and PCBA manufacturing have always been fulfilling environments in which to work. They can also be difficult and demanding businesses, at times. What words of wisdom can you share about surviving and thriving in this industry?

Every industry has its ups and downs. Companies that not only survive the bad times, but thrive in the good times have employed creative and flexible strategies. I believe that is important for long-term, sustained success in this industry.

This article originally appeard in the November 2025 edition of PCB007 Magazine.