Exeter Street Capital Partners Announces the Recapitalization of Price Circuits LLC and Circuitronics LLC
Exeter Street Capital Partners, the private equity affiliate of Patriot Capital Group, has announced the recapitalization of Price Circuits LLC and Circuitronics LLC, collectively known as Price. The companies, based in Elgin, Illinois, will partner with Capitala Group, Five Points Capital, and the Varghese family, who will continue as shareholders. This investment marks Exeter's fourth platform initiative, aiming to implement a buy-and-build strategy in the advanced electronics sector, specifically focusing on the design, prototyping, and fabrication of advanced printed circuit boards (PCBs) for aerospace, defense, consumer, and niche industrial markets.
Founded in 1994, Price Circuits is recognized as a quick-turn, low-volume PCB fabricator that specializes in transforming complex engineering concepts into functional boards with rapid turnaround. With ITAR and AS9100 certifications, Price Circuits has developed a reputation as a critical partner for advanced aerospace, defense, and industrial companies across North America.
"Price Circuits has spent three decades building a reputation that sells itself," said Sibi Varghese, Chief Executive Officer of Price. "Partnering with Exeter and our new executive partners gives us the platform, the growth capital, and the resources to take our Company to the next level for the benefit of our loyal and valuable customers."
Exeter is co-investing with two established industry executives who will assume roles as Executive Partners, providing strategic and operational leadership. Dana Pittman, the former President and CEO of PPI TimeZero, brings over 40 years of experience in advanced electronic manufacturing. Jim Russell, Executive Chairman and former CEO of R&D Altanova, has extensive technical manufacturing expertise and previously led Altanova during three successful private equity recapitalizations before its sale in 2022.
The advanced electronics sector is currently experiencing significant demand expansion, driven by factors such as defense spending and the recovery of commercial aviation. "Price Circuits is perfectly positioned in the design-to-prototype-to-commercial phase of this demand cycle, where quality, speed, and engineering expertise are the essential critical success factors," said Jim Russell.
Capitala Group and Five Points Capital have provided institutional debt and equity in partnership with Exeter, while Pinnacle Bank facilitated senior working capital financing for the transaction. Legal counsel for Exeter was provided by McGuireWoods LLP, and Citrin Cooperman served as the financial and tax advisor.