PCB Technologies to Acquire Gorilla Circuits for US$120M

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PCB Technologies a global provider of advanced printed circuit boards (PCBs), PCBA, and microelectronics solutions, announced it has entered into a definitive agreement to acquire 100% of the shares of Gorilla Circuits, a leading provider of PCB fabrication and electronic card assembly (PCBA) services based in Silicon Valley. The transaction reflects an enterprise value (EV) of USD 120 million at an EBITDA multiple of 7.6, based on the average results for 2025 and the first half of 2026, subject to customary purchase price adjustments.

The acquisition marks a major strategic milestone for PCB Technologies, establishing a robust manufacturing presence in the United States and unlocking significant growth opportunities within the North American technology, aerospace, and defense ecosystems.

Establishing a Strategic Stronghold in Silicon Valley

Gorilla Circuits has operated for over 20 years in San Jose, California, serving as a critical partner in the Silicon Valley PCB fabrication and electronic manufacturing services (EMS) ecosystem. Specializing in high-mix, low-volume production runs, manufacturing products designated for development, and products with short lead times, Gorilla Circuits serves over 700 active customers. Its primary markets include semiconductor testing, technology, and aerospace & defense.

The integration of Gorilla Circuits is expected to deliver immediate strategic benefits:

• Deepened Market Penetration: Substantially expands PCB Technologies' footprint in the US technology, semiconductor and aerospace & defense sectors, which accounted for approximately 35% and 40% of Gorilla Circuits' H1 2026 sales, respectively.
• Synergistic Technological Offerings: PCB Technologies plans to enhance Gorilla Circuits' portfolio by introducing its own advanced PCB substrates, microelectronics, and next-generation Integrated Circuit (IC) packaging capabilities to the US market.
• Local Manufacturing Presence: A physical production base in Silicon Valley allows the combined company to seamlessly bid on substantial US contracts that mandate onshore fabrication and engineering proximity.

Strong Financial Momentum

Gorilla Circuits has demonstrated consistent financial growth, backed by an impressive order pipeline. Key financial highlights include:

• Revenue Growth: Revenue increased from USD 69.4 million in fiscal year 2024 to USD 91.9 million in 2025. For the first half of 2026, revenue reached USD 54.9 million.
• Profitability: Adjusted EBITDA rose sharply from USD 3.0 million in 2024 to USD 13.6 million in 2025, reaching USD 8.9 million in H1 2026 alone (post-IFRS 16 adjustments).
• Accelerating Order Velocity: Customer orders totaled USD 100 million in 2025, with an order run rate of approximately USD 131 million in 2026. Maintaining an order backlog of roughly USD 38 million as of August 31, 2026.

Oved Shapira, CEO of PCB Technologies said, "This transaction is intended to transform the scale of PCB Technologies and the opportunities available to us. We are combining the technologies and manufacturing capabilities we have developed in Israel with a U.S. manufacturing base and hundreds of customers in sectors where we have a technological advantage. Our local presence is expected to open up opportunities that have previously been limited for us and enable us to offer Gorilla's customers a broader range of solutions."

"Gorilla brings rapid growth in sales and orders, manufacturing and assembly capabilities, and a diversified customer base. The combination creates cross-selling opportunities across our operations, and we intend to further expand access to iNPACK solutions for U.S. customers. This will allow us to advance our ALL IN ONE strategy in the U.S. market, offering an integrated solution from development through manufacturing and assembly."

Mario Borjon, President of Gorilla Circuits said, "Joining PCB Technologies represents a significant opportunity for the next stage of Gorilla's growth. Combining our existing capabilities and relationships we have built in the U.S. market with PCB Technologies' manufacturing capacity, expertise with specialized advanced technologies is expected to enable us to expand our range of solutions and support larger, more complex customer programs. Following completion of the transaction, we 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. The combination will create new opportunities for our team and strengthen our ability to grow alongside our customers, while maintaining the quality, flexibility and personal service that define Gorilla."

Transaction Details and Timeline

Under the terms of the agreement, the transaction will be executed via a wholly owned subsidiary of PCB Technologies and financed through credit facilities extended by two leading Israeli banks.

The completion of the acquisition is subject to customary closing conditions, including regulatory approval from the Committee on Foreign Investment in the United States (CFIUS). The transaction is expected to close within the next eight months. No immediate material capital investments are required, as Gorilla Circuits' facilities are fully equipped to support near-term growth.