PCB Technologies, which is a global provider of advanced printed circuit board – PCB, PCBA, and microelectronics solutions, on October 8, 2026, announced that it had signed a definitive agreement to purchase 100% of the shares of Gorilla Circuits, which is a leading provider of PCB fabrication and electronic card assembly – PCBA services located in Silicon Valley. The transaction represents an enterprise value of USD 120 million at an EBITDA multiple of 7.6x calculated using the average yields for 2025 and H1 of 2026, subject to customary purchase price adjustments.

It is well to be noted that this acquisition marks an important strategic step for PCB Technologies, giving it a strong manufacturing footprint in the US and substantial growth opportunities in the North American technology and aerospace and defence ecosystems.

Building a Strategic Base in Silicon Valley

Gorilla Circuits, operating in San Jose, California, for more than 20 years, has been a critical partner in the Silicon Valley PCB fabrication and electronic manufacturing services – EMS ecosystem. Gorilla Circuits specializes in high-mix, low-volume production runs. The company produces development products and products with short lead times and is home to more than 700 active customers. Its main markets are semiconductor testing, technology, and aerospace & defence.

Not only will PCB broaden its manufacturing footprint in the US, the following immediate strategic benefits are expected with the acquisition of Gorilla Circuits –

• Increased Market Penetration –Substantially increases PCB Technologies’ presence in the US technology, semiconductor, and aerospace & defence sectors, which represented around 35% and 40% of Gorilla Circuits’ H1 2026 sales, respectively.
• Complementary Technology Offerings –PCB Technologies will expand Gorilla Circuits’ product offering by bringing its advanced PCB substrates, microelectronics, and next-generation Integrated Circuit packaging capabilities into the US market.
• Existing US Presence –The combined company will have a physical manufacturing base in Silicon Valley that will facilitate the ability to easily bid on large US contracts that require onshore fabrication and engineering closeness.

Robust Financial Momentum

Gorilla Circuits has a strong order book and has been growing at a steady pace financially. Key financial highlights are –

• Revenue Growth –Revenue grew from USD 69.4 million in the fiscal year 2024 to USD 91.9 million in 2025. Revenue for the H1 of 2026 was USD 54.9 million.
• Profitability –Adjusted EBITDA increased from USD 3.0 million in 2024 to USD 13.6 million in 2025 and USD 8.9 million in H1 2026 after IFRS 16 adjustments.
• Growing Order Velocity –Customer Orders $100M 2025, Order Run Rate $131M 2026 Orders in backlog of approximately USD 38 million on August 31, 2026.

According to Oved Shapira, CEO of PCB Technologies, “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.”

Says the president of Gorilla Circuits, Mario Borjon, “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 and 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.”

The transaction information & time frame

The transaction will be undertaken through a wholly owned subsidiary of PCB Technologies and will be funded through credit facilities provided by two leading Israeli banks, under the agreement.

The acquisition is expected to close, subject to customary closing conditions, including receipt of regulatory approval from the Committee on Foreign Investment in the United States – CFIUS. It is expected to be completed within the next eight months. Gorilla Circuits’ facilities are fully equipped for near-term growth, and no immediate material capital investments are necessary.