AdvancedPCB acquired by Amphenol Corporation

Industrial Growth Partners signed a definitive agreement on 28 October 2026 to sell AdvancedPCB to Amphenol, which acquired the entire company for cash and debt. Completion was expected in the fourth quarter of 2026, subject to American regulatory clearances, after which the business was to join Amphenol’s Harsh Environment Solutions segment. Founded in 1977 and headquartered in Aurora, Colorado, AdvancedPCB manufactures printed circuit boards, the laminated boards carrying the copper tracks that connect the components of any electronic assembly. Its work lies at the demanding end of that market: boards with many layers, fine tolerances and materials that hold their properties under vibration, temperature extremes and moisture, for equipment that cannot be allowed to fail. Its customers are in aerospace and defence, data centres, robotics, medical technology, telecommunications and automotive, served from six plants in the United States. It expected revenue of $250–500M for 2026 and was marketed on an EBITDA of $50–100M. Where the boards are made matters as much as how. American defence programmes require components produced in approved domestic facilities, and that requirement has grown as supply chains have been examined for dependence on foreign manufacturing. Most of the world’s circuit board capacity sits in Asia, which leaves the qualified North American suppliers in a position competitors cannot enter quickly. Industrial Growth Partners had built the platform from APCT, acquired in October 2021 with around 20 million dollars of EBITDA at roughly ten times that figure, then doubled it by buying Advanced Circuits from Compass Diversified for 220 million dollars in October 2023, merging the two under a single brand. It invested in manufacturing capacity, automation and assembly, and in the programme management and engineering staff that defence customers require. For Amphenol, which makes connectors, sensors and interconnect systems, the purchase was one of four announced that quarter, alongside Empire Electronics, Dexgreen and the sensor business of Humanetics, for a combined 1.6 billion dollars.

By taking control of AdvancedPCB, Amphenol Corporation continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Pctel in 2023.