mynth
12/2023

PCTEL acquired by AMPHENOL CORPORATION

UNITED STATES Hardware & Electronics / IT Equipment / IoT & Connected Objects EV $100–350M

Context

The successful acquisition of PCTEL by Amphenol represents a definitive tactical expansion of the group's wireless technology and antenna capabilities. This transaction facilitates the integration of PCTEL’s specialized Industrial IoT and testing hardware into Amphenol’s broader communications division. The strategic rationale hinges on the fusion of PCTEL’s technical operational depth in wireless signal optimization with Amphenol’s global reach and massive industrialized manufacturing footprint. By incorporating PCTEL, Amphenol reinforces its ability to address the escalating demand for high-reliability wireless infrastructure in highly regulated industrial environments. The partnership is designed to leverage Amphenol’s international presence to accelerate the scaling of PCTEL’s antenna and measurement solutions across a broader global customer base. This integration facilitates the creation of a more robust technical platform, providing the strategic depth required to navigate the maturing landscape of the Industrial Internet of Things. The move solidifies Amphenol’s standing as a primary provider of mission-critical interconnect and wireless solutions for high-growth industrial and broadband markets.

PCTEL, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.7x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

PCTEL operates as a premier technology organization dedicated to the design and distribution of specialized wireless solutions. The entity’s business model is centered on a proprietary framework for purpose-built Industrial IoT devices, high-performance antenna systems, and sophisticated test and measurement products. Its value proposition is anchored in technical operational depth, providing organizations with the hardware and analytical tools required to solve complex wireless connectivity challenges in high-reliability environments. Strategically, PCTEL focuses on establishing leadership in technical niches where precision and durability are non-negotiable, catering to a global customer base across the telecommunications and industrial sectors. By maintaining a legacy of innovation in wireless signal integrity, the organization ensures a mission-critical role in the structural evolution of connected industrial ecosystems. The entity prioritizes technical agility and customer-centric engineering to facilitate the growth of robust wireless infrastructures.

Ent. Value

$100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2022
$50–100M
$5–25M
[members only]
2021
$50–100M
$5–25M
[members only]

Similar deals in Hardware & Electronics

Similar deals in Hardware & Electronics

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2024RESIDEO TECHNOLOGIESSNAP ONEUNITED STATESIoT & Connected Objects
02/2024TELEDYNE TECHNOLOGIES INCORPORATEDADIMECNETHERLANDSSensors & Optics
12/2023ORICATERRA INSIGHTSCANADASensors & Optics
11/2023IRD INVESTIAGONAFRANCEIT Equipment
11/2023MILLARSENTRONNETHERLANDSSensors & Optics
09/2023HID GLOBALEVOLISFRANCEIoT & Connected Objects
07/2023CHARTERHOUSESAGEMCOMFRANCEIoT & Connected Objects
07/2023KKR / MUBADALACOOLIT SYSTEMSCANADAServers & Networks
07/2023SIPAREXGROUPE PASSMANFRANCEIT Equipment
05/2023SDI GROUPPEAK SENSORSUNITED KINGDOMSensors & Optics

REFERENCES

Valuation range: EV $100–350M

Revenue range: $50–100M

EBITDA range: $5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PCTEL by AMPHENOL CORPORATION are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: pctel

Acquirer: amphenol corporation