IN Brief:
- PCB Technologies has agreed to acquire all shares in California-based Gorilla Circuits at a $120 million enterprise value.
- Gorilla provides high-mix, low-volume PCB fabrication and assembly services to more than 700 active customers.
- Completion requires customary closing conditions, including US foreign investment clearance, and is expected within eight months.
PCB Technologies has agreed to acquire San Jose-based Gorilla Circuits in a transaction valued at $120 million, proposing a manufacturing foothold in the United States for its printed circuit board fabrication, electronics assembly and microelectronics activities.
The agreement was announced on 8 October and covers the acquisition of all outstanding shares of Gorilla Circuits through a wholly owned subsidiary. The enterprise valuation is subject to customary purchase price adjustments; the transaction has not yet completed.
Completion depends on customary conditions, including clearance from the Committee on Foreign Investment in the United States. The companies expect to close within approximately eight months, a stated expectation rather than a confirmed completion date.
Gorilla Circuits specialises in high-mix, low-volume fabrication and assembly, including development builds and work requiring relatively short lead times. It operates from San Jose, California and serves more than 700 active customers in technology, semiconductor testing, aerospace and defence.
High-mix manufacturing demands frequent transitions between different electronic designs. Each board can require its own stack-up, material selection, drilling programme, conductor pattern and final test sequence, with production planning affected by the number and complexity of these changes.
PCB fabrication and electronic assembly are related but distinct operations. Fabrication forms conductive layers and plated interconnections within a substrate, while assembly attaches semiconductors and other components using soldering and associated inspection or testing steps.
Board fabrication specifications also affect the assembly process. Board flatness, substrate materials, fine-pitch connections and hole quality influence how components are mounted and how reliably the completed electronic circuit performs under operating conditions.
If completed, the acquisition would place an existing US fabrication and assembly operation within PCB Technologies, whose business includes multilayer boards, advanced substrates and specialised microelectronics. The planned combination may enable customers to access a broader range of services, but the announcement does not establish that every technology can immediately be produced at the San Jose site.
PCB Technologies says it intends to introduce selected advanced substrate and IC packaging capabilities through the US business. Those plans will require engineering evaluation, equipment planning and customer qualification rather than following automatically from the change in ownership.
The company also identifies American aerospace and defence programmes as an opportunity for the proposed operation. Some contracts require local fabrication or impose specific requirements on suppliers, but ownership of a US factory does not by itself guarantee eligibility for every programme.
Gorilla reported $91.9 million in revenue for 2025, compared with $69.4 million in 2024. Revenue during the first half of 2026 was $54.9 million, according to the announcement, which also reported an August order backlog of approximately $38 million.
The transaction’s stated enterprise value corresponds to approximately 7.6 times average EBITDA for 2025 and the first half of 2026. That comparison is a financial valuation measure and does not describe an operating margin or forecast investment return.
The release identifies financing through facilities extended by two Israeli banks. PCB Technologies says no immediate material capital investment is necessary because the acquired manufacturing facilities are equipped to support near-term activity. Longer-term expansion remains dependent on decisions after closing.
Gorilla is expected to retain a role serving its existing customers while the businesses examine complementary manufacturing technologies. Customer relationships, process qualification and manufacturing capacity will need to be managed through any eventual integration.
The existing San Jose facility has an established operating workforce, but the agreement does not specify any immediate changes to staffing, manufacturing certifications or equipment locations.
The principal engineering implication of the proposed transaction is the potential combination of PCB fabrication, board assembly and advanced substrate expertise across an additional US production site. That benefit remains contingent on regulatory approval, completion and subsequent operational integration.
