Entrepreneurship Through Acquisition Buyers for PCB/EMS Shops
A growing trend in the U.S. is the rise of Entrepreneurship Through Acquisition (ETA) buyers for every business under the sun. Just as private equity firms have been active in a wide range of industries, ETA buyers have picked up their interest in both PCB and EMS companies. An ETA buyer is one or... Read More →
The Power Shift in U.S. Manufacturing Ownership
by Nolan Johnson The U.S. manufacturing landscape is driven by reshoring initiatives, supply chain realignments, and a surge of foreign interest. What does that mean for U.S.-based PCB and EMS companies? In this interview, mergers and acquisitions expert Tom Kastner breaks down the forces reshaping the industry—why foreign investors are eager to enter the U.S.... Read More →
M&A North American PCB and EMS Deals for the First Half of 2025
As we entered 2025, the M&A deal world was prepared for a busy year in electronics, plus sentiment for the overall M&A market was bullish. We had “a deal guy” entering the White House, and he’d pledged to support U.S. manufacturing. All signals were green. However, to date, M&A deals this year are around the... Read More →
Characteristics of Successful Leaders in North American PCB and EMS Sectors
I have worked in M&A in the PCB and EMS sectors for over 20 years and have met dozens of owners in these sectors. It has not been an easy environment to survive and thrive in, yet some companies have done well. Here are some characteristics of our most successful leaders in the industry (names... Read More →
Your Financial Preparation for a Sale
When preparing for a sale, it’s important to clean up the financials as much as possible. The fewer questions and the less that needs to be explained, the easier it is to get through due diligence without slowing things down or creating mistrust. Here are the main things that are relatively easy to clean up:... Read More →
Fewer Than 150 PCB Shops Remain in North America
According to GP Ventures’ database, the number of printed circuit board manufacturing companies in North America (including Canada), is now below 150. In 2020, it was around 200, and in 2022, it was 170. These figures do not include companies that only import or assemble boards. Please note that we are counting PCB companies and... Read More →
Understanding Rollover Equity
With the rise in the influence of private equity (PE) firms (which I affectionally joke now means “practically everything”), rollover equity has become more common in M&A deals. According to GF Data, 28.6% of deals in the first three quarters of 2024 included rollover equity1. Many private equity deals in the PCB, EMS, and other... Read More →
2024 North American PCB and EMS M&A Review
M&A deal-making in the North American EMS sector was strong in 2024 with 21 deals, whereas activity in the PCB sector was pretty weak with only three deals. The 21 deals in the EMS space compares favorably with 18 completed in 2023 and 13 in 2022. The three deals on the PCB side are notably... Read More →
New Year’s Goals for Selling a Business
New Year’s resolutions are great because they are so fun to break. So, if you’re planning to sell your business, rather than making fragile resolutions, it’s better to make some New Year’s goals. Financials: It’s not all about the numbers, but it’s mostly about the numbers. If you are looking for a Mercedes-level valuation, you should... Read More →
Should You Sell Your Company to a Private Equity Firm?
I am often asked by owners in the electronics industry about using private equity (PE) firms as potential buyers. It’s true that PE firms have completed a lot of deals in the PCB and EMS industries over the years. In fact, two of the largest U.S. PCB shops—Summit Interconnect and AdvancedPCB—are owned by private equity... Read More →