Saugatuck-backed APCT acquires Cartel and Cirtech as add-ons

APCT Holdings, a portfolio company of Saugatuck Capital, has acquired California-based Cartel Electronics, a maker of prototype and quick-turn rigid printed circuit boards for commercial applications. Also included in the acquisition was Cartel’s sister company Cirtech Inc, a provider of printed circuit boards for the defense and aerospace industries. No financial terms were disclosed. Saugatuck advised APCT on the deal while CIBC provided debt financing.


Wilton, CT – January 2018. Saugatuck Capital Company (“Saugatuck”) is pleased to announce the acquisition of Cartel Electronics, Inc. and sister company Cirtech, Inc., (“Cartel” and “Cirtech”) through its portfolio company APCT Holdings, LLC (“APCT”). This is the second add-on acquisition for APCT. Saugatuck advised APCT on the transaction to acquire the stock of Cartel and Cirtech. CIBC, APCT’s senior lender, provided debt financing for the transaction. APCT is a premier, quick-turn manufacturer of complex, multilayer printed circuit boards and provider of related engineering services.

Cartel Electronics, Inc., located in Placentia, CA, has been in business for over 27 years and is a leader in the manufacture of prototype and quick-turn rigid printed circuit boards for commercial applications. Cirtech, Inc., located in Orange, CA, has been in business for over 50 years and is a leader in the printed circuit board industry serving the Defense & Aerospace industries as well as the Flex/Rigid Flex technologies segment.

Originally founded in 1977 as Advanced Printed Circuit Technology, Inc., APCT ( is a market leader in quick-turn manufacturing and engineering solutions, which are offered 24 hours a day, seven days a week. Through its highly experienced management team, APCT maintains some of the most sophisticated technical capabilities in the industry which enables it to manufacture highly complex printed circuit boards in very compressed time frames.

About Saugatuck Capital Company
Founded in 1982, Saugatuck is a long-established private investment firm committed to leveraged recapitalizations and buyouts and growth equity investments in the lower, middle market. Sourcing investment opportunities through its well-established network, Saugatuck invests in service-intensive businesses demonstrating a proven ability to generate stable, growing cash flows where it has the requisite experience to drive accelerated portfolio company performance. For over three decades, the Firm has been dedicated to the philosophy of hands-on value creation in which exceptional management teams, in partnership with Saugatuck’s capital and expertise, build companies of outstanding value. For further information regarding Saugatuck and its investments, please visit us at