PCB Technologies to Buy Gorilla Circuits for $120 Million
11 October, 2026
The acquisition will establish a U.S. manufacturing base, expand access to semiconductor and defense customers, and create a sales channel for advanced miniaturization solutions
Israel’s PCB Technologies has signed an agreement to acquire all outstanding shares of Silicon Valley manufacturer Gorilla Circuits at an enterprise value of $120 million, subject to purchase price adjustments. Based in San Jose, California, Gorilla manufactures printed circuit boards and provides electronics assembly services. The acquisition will give PCB Technologies a U.S. manufacturing base, broaden its access to defense and semiconductor customers, and create opportunities to offer the advanced substrates and miniaturization solutions it has developed in Israel.
The transaction will be carried out through a wholly owned subsidiary and financed with loans from two Israeli banks. Financing terms are being finalized, with PCB Technologies expected to release further details once arrangements are complete. Closing is subject to regulatory approvals, including clearance from the Committee on Foreign Investment in the United States, or CFIUS. The agreement sets a five-month deadline for completion, extendable to eight months if CFIUS approval remains pending. PCB Technologies expects Gorilla to be well positioned for further growth without requiring significant immediate capital investment.
Gorilla enters the deal following substantial revenue growth and a sharp improvement in profitability. Revenue rose from approximately $69.4 million in 2024 to $91.9 million in 2025, an increase of about 32.5%. Operating profit jumped from approximately $572,000 to $10.7 million, while EBITDA, excluding the effects of the IFRS 16 lease accounting standard, increased from $1.8 million to $12.1 million. In the first half of 2026, revenue reached approximately $54.9 million, operating profit totaled $7.4 million, and EBITDA was $8.1 million.
Order intake also points to continued expansion. Gorilla received approximately $88 million in orders during the first eight months of 2026, compared with roughly $100 million for all of 2025. Its order backlog stood at approximately $38 million at the end of August. The financial figures disclosed by PCB Technologies include adjustments made by its management to present the acquired company’s performance.
Gorilla serves more than 700 active customers across multiple industries. Aerospace and defense accounted for approximately 40% of sales in the first half of 2026, with around 200 active customers, while semiconductors represented approximately 35%, with around 135 customers. Its remaining business spans medical devices, energy, robotics, and industrial equipment. This mix will broaden PCB Technologies’ exposure to the U.S. technology market while expanding its defense business.
Founded in 2002, Gorilla employs more than 320 people across several San Jose facilities. Founder and CEO Hershel Patty has more than five decades of experience in the printed circuit board industry and previously founded and sold Silicon Valley Printed Circuits. Gorilla’s integrated model combines design, board fabrication, component assembly, and testing with component procurement and inventory management. Keeping these services in-house allows customers to work with a single supplier and reduces handoffs between subcontractors.
The company specializes in high-mix, low-volume production with short turnaround times, a model well suited to engineering teams that need prototypes and frequent board revisions. It offers standard assembly turnaround times of three to five days, with expedited service available in as little as 24 hours for suitable projects. Its proximity to Silicon Valley engineering teams supports direct collaboration as designs move into production.
In the semiconductor market, Gorilla specializes in boards for automated test equipment, or ATE, and boards used to test chips during manufacturing and after production. These applications require complex multilayer boards and dense interconnections. In defense, the company supplies circuit boards for Lockheed Martin’s PAC-3 missile program. It is also registered under the U.S. International Traffic in Arms Regulations, or ITAR, and holds quality certifications for aerospace and defense manufacturing.
For PCB Technologies, U.S. production could unlock opportunities where domestic manufacturing is either an advantage or a requirement. Acquiring an established business also brings experienced teams, engineering relationships, and an existing sales organization. The company plans to expand the range of solutions offered to Gorilla’s customers by introducing advanced circuit board and substrate capabilities, followed by electronic system miniaturization.
The acquisition fits PCB Technologies’ strategy of providing an integrated offering, from circuit boards and substrates to advanced packaging and final product assembly. Gorilla could become the U.S. base for extending that model, combining its local customer relationships with the group’s technological capabilities. The deal’s success will depend on increasing sales to existing customers, preserving Gorilla’s responsiveness and profitability, and turning the U.S. presence into growth that justifies the investment.
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