Circuit Technology, Inc. (“Cirtech”) announced that it has been acquired by Virtex Enterprises (“Virtex”), a portfolio company of Insight Equity Holdings LLC. This transaction is the successful culmination of an initiative led by Peloton Advisory LLC to identify an investor that would buyout family ownership and support the professional management team in their continued growth of the business.
Founded in 1984 and based in Merrimack, New Hampshire, Cirtech is an electronics manufacturing services company that provides contract manufacturing of high-reliability components, predominately to the aerospace and defense industry. With over 35 years of service within the EMS industry, Cirtech is known for its quality manufacturing of mission-critical products in the high-mix, low-volume production environment.
Clare Parker, Founder & Chairman of Cirtech, commented, “As our family began considering transitioning out of Cirtech, we wanted to ensure that the 35 years of customer and employee relationships were nurtured and supported. With Peloton Advisory’s help, we are very happy to have found a partner in VirTex, who shares our culture of quality, reliability and customer focus, while at the same time supporting our management team to continue to lead the growth of Cirtech.”
Victor Vescovo, a Managing Partner at Insight Equity, noted, “the acquisition of Cirtech further establishes VirTex’s position as a leading nationwide EMS partner for low-volume, high complexity manufacturing within our core markets of aerospace and defense, medical, and industrial technology.”
Jeff Sterrett, a Vice President at Insight Equity, added, “Cirtech’s operational expertise and experienced leadership team will be major assets to the VirTex platform and its existing customers. We are excited to be able to provide all of VirTex’s and Cirtech’s customers with enhanced capabilities, expanded geographic presence, and improved economies of scale as a result of this transaction.”
VirTex Enterprises manufactures printed circuit board assemblies and other critical electronic systems for small and medium-sized customer programs, predominantly focused in the aerospace and defense, industrial, and medical industries. In addition to traditional EMS services, VirTex drives value and innovation with its customers through engineering and design expertise, which allows VirTex to deliver comprehensive, tailored solutions that are specific to each customer. With distinct expertise in military products and medical devices, VirTex has facilities with AS9100, ISO-13485, and FDA 21 CFR 820 certifications across its platform. VirTex is based in Austin, Texas, with additional manufacturing facilities located in Wisconsin, New Jersey, Massachusetts, Virginia, and Juarez, Mexico.
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging a proven, collaborative value creation model, Insight Equity facilitates operating enhancements and growth. The firm specializes in partnering with companies in complex or challenging situations, including corporate divestitures, management buyouts, aggressive growth opportunities, going-private transactions, restructurings, and transitions from family ownership. Insight Equity is headquartered in Southlake, Texas.
Peloton Advisory LLC provides M&A and business advisory services to highly successful, privately owned entrepreneurial companies and their owners.