PCB Technologies to acquire Gorilla Circuits for $120 million
Israeli PCB manufacturer PCB Technologies is buying Gorilla Circuits in San Jose, California. The deal gives the company its first manufacturing base in the US and a way into contracts that require onshore production.
PCB Technologies has signed a definitive agreement to acquire all shares in Gorilla Circuits, according to a press release from the company. The deal values Gorilla Circuits at an enterprise value of USD 120 million, which corresponds to 7.6 times EBITDA based on the average of its 2025 and first-half 2026 results. The price is subject to customary adjustments.
Gorilla Circuits has operated in San Jose for more than 20 years and offers both PCB fabrication and assembly. It specialises in high-mix, low-volume production, development builds and short lead times, and has more than 700 active customers. Its main markets are semiconductor testing, technology, and aerospace and defence.
Gorilla Circuits has grown quickly over the past two years. Revenue increased from USD 69.4 million in 2024 to USD 91.9 million in 2025, and reached USD 54.9 million in the first half of 2026. Over the same period, adjusted EBITDA jumped from USD 3.0 million to USD 13.6 million, and stood at USD 8.9 million for the first six months of this year. The company booked orders worth USD 100 million in 2025, its order run rate for 2026 is about USD 131 million, and its order backlog was roughly USD 38 million at the end of August.
Strategically, the deal is about access to the US market. With a local factory, PCB Technologies will be able to bid for US contracts that mandate onshore fabrication, which matters particularly in defence. The company also plans to offer Gorilla Circuits’ customers its own advanced substrates, microelectronics and IC packaging through its subsidiary iNPACK.
“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,” said Oved Shapira, CEO of PCB Technologies.
The acquisition will be made through a wholly owned subsidiary and financed with credit facilities from two Israeli banks. No major capital investments are needed in the near term, as Gorilla Circuits’ facilities are already equipped to support near-term growth.
After closing, however, the two companies plan to look at jointly investing in more US manufacturing capacity and in technologies for thermal management, RF and miniaturisation, according to Mario Borjon, President of Gorilla Circuits.
The deal requires regulatory approval, including from the Committee on Foreign Investment in the United States (CFIUS), and is expected to close within eight months.
