PCB Technologies expands in U.S. with $120 million Gorilla Circuits deal
The acquisition will add more than 320 employees and a manufacturing operation serving over 700 customers across technology, semiconductors, aerospace and defense.
PCB Technologies is acquiring U.S.-based Gorilla Circuits at an enterprise value of $120 million. Under the deal, PCB Technologies will acquire 100% of Gorilla's shares through a wholly owned subsidiary. The transaction is subject to approval by the U.S. Committee on Foreign Investment in the United States (CFIUS), and is expected to close within the next eight months. The final purchase price will be determined based on customary purchase price adjustments.
The $120 million enterprise value represents a multiple of 7.6 times Gorilla's average EBITDA for 2025 and the first half of 2026. The acquisition will be financed through credit facilities provided by two Israeli banks.
Gorilla specializes in printed circuit board (PCB) manufacturing and electronic board assembly, similar to PCB Technologies, and employs more than 320 people. Based in San Jose, California, the company has operated for more than 20 years and serves more than 700 active customers, primarily in semiconductor testing, technology, and aerospace and defense.
PCB Technologies is led by CEO Oved Shapira and Chairman Alon Granot. The company currently has no controlling shareholder, following a period in which it was controlled by FIMI, the investment fund managed by Ishay Davidi, until last year.
PCB Technologies is traded on the Tel Aviv Stock Exchange with a market capitalization of approximately NIS 1 billion. According to the company, the acquisition will significantly expand its U.S. operations, diversify its customer base and deepen its presence in the semiconductor, technology, aerospace and defense sectors.
Technology and semiconductor customers accounted for approximately 35% of Gorilla's sales in the first half of 2026, while aerospace and defense customers accounted for 40%. Gorilla generated $91.9 million in revenue in 2025, up from $69.4 million in 2024. Its revenue reached $54.9 million in the first half of 2026.
Gorilla's adjusted EBITDA rose from $3 million in 2024 to $13.6 million in 2025, and reached $8.9 million in the first half of 2026. Customer orders totaled approximately $100 million in 2025, while the company had an order run rate of approximately $131 million in 2026 and an order backlog of roughly $38 million as of August 31.
PCB Technologies reported revenue of NIS 139 million in the second quarter of 2026, down from NIS 150 million in the corresponding quarter last year. Net profit fell to NIS 3 million from NIS 5 million.
The company currently serves the U.S. market through manufacturing operations in Israel and exports to the U.S., alongside its local operations in the country. Acquiring a U.S.-based manufacturer will give PCB Technologies a physical production base in Silicon Valley and could allow it to bid on U.S. contracts that require domestic manufacturing and engineering capabilities. It could also reduce the company's exposure to tariffs on imports into the American market.
PCB Technologies also plans to introduce its advanced PCB substrates, microelectronics and next-generation integrated circuit packaging capabilities to Gorilla's U.S. customer base. The company said the combined operations are expected to create cross-selling opportunities and expand its offering to customers.
Gorilla's existing facilities are fully equipped to support its near-term growth, and PCB Technologies said no immediate material capital investments will be required following the acquisition. The companies also intend to pursue investments in expanding U.S. manufacturing capacity and developing technologies in areas including thermal management, heat dissipation, radio-frequency solutions and miniaturization.
