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Exeter Street Capital Partners, the private equity affiliate of Patriot Capital Group, announced the recapitalization of Price Circuits LLC and Circuitronics LLC, based in Elgin, Illinois in partnership with Capitala Group, Five Points Capital, and the Varghese family, who will remain shareholders in the Company. Exeter’s fourth platform investment establishes a new buy-and-build strategy targeting the design, prototyping, pre- and mid-commercial fabrication of advanced printed circuit boards (PCBs) for the Aerospace & Defense, consumer, and niche industrial markets.
Founded in 1994, Price Circuits has grown into a leading quick-turn, low-volume PCB fabricator renowned for converting complex engineering concepts into physical boards with rapid turnaround times. Known as “the engineer’s playground” and wielding ITAR and AS9100 certifications, the Company has evolved into a critical value-added partner to some of the most advanced Aerospace & Defense, consumer, and niche industrial companies in North America.
“Price Circuits has spent three decades building a reputation that sells itself,” said Sibi Varghese, Chief Executive Officer of Price. “Our engineers are the best in the business at turning a customer’s concept into a functioning board faster than anyone else in the country. Partnering with Exeter and our new executive partners gives us the platform, the growth capital, and the resources to take our Company to the next level for the benefit of our loyal and valuable customers.”
Exeter also co-invested with two seasoned, PE-backed industry executives who will serve as Executive Partners and provide strategic and operational leadership. Dana Pittman, former President and CEO of PPI TimeZero, brings over 40 years of leadership in advanced electronic manufacturing and service delivery across private equity-backed platforms. Jim Russell, Executive Chairman and former CEO of R&D Altanova, brings 30 years of technical manufacturing expertise and led Altanova through three successful private equity recapitalizations before its sale to Advantest Group in 2022. Jim will serve as Chairman of Price.
“The advanced electronics sector is in a generational moment of demand expansion — driven by defense spending, ITAR onshoring, commercial aviation recovery, and the rise of AI and IoT,” said Jim Russell, Executive Partner. “Price Circuits is perfectly positioned in the design-to-prototype-to-commercial phase of this demand cycle, where quality, speed, and engineering expertise are the essential critical success factors.”
“Price Circuits is exactly the kind of business with whom we want to partner: a defensible and hard-to-replicate niche, a blue-chip customer base, and a compelling buy-and-build roadmap in a sector with powerful long-term tailwinds,” said Franklin Staley, Managing Director of Exeter Street Capital Partners. “Given the experience Jim and Dana bring to the table, coupled with Price’s tremendous, untapped customer potential, we believe Price has the opportunity to grow into a scaled market leader. We are excited to partner with Sibi and are deeply honored by the entire Varghese family for the trust they have placed in us to carry their legacy forward in this next chapter.”
Capitala Group and Five Points Capital provided institutional debt and equity in partnership with Exeter, while Pinnacle Bank provided senior working capital financing for the transaction. McGuireWoods LLP served as legal counsel to Exeter. Citrin Cooperman served as financial and tax advisor to Exeter.
