WASHINGTON, DC, September 27, 2021—HCI Equity Partners, a leading lower-middle-market private equity firm, is pleased to announce the sale of its portfolio company Summit Interconnect (“Summit”) to affiliates of Lindsay Goldberg, a New York-based private investment firm. The sale was completed on September 22, 2021, and the financial terms were not disclosed.
Summit is a recognized industry leader in quick-turn manufacturing of advanced technology printed circuit boards. Focused on complex rigid and rigid-flex product for customers across the aerospace, defense and other commercial sectors, Summit offers solutions ranging from advanced prototyping to high mix, low-to-mid volume production, and has deep expertise in a wide range of cutting-edge technology applications such as high-speed digital, RF and microwave. The company has facilities in California, Illinois and Toronto, Canada.
Starting in 2016, HCI partnered with industry veteran Shane Whiteside to execute an organic growth and acquisition strategy for Summit in the U.S. printed circuit board industry. Since the initial investment, HCI and Whiteside completed four strategic add-on acquisitions and grew revenue in excess of 500% while growing employee count by over 650.
Shane Whiteside, President and CEO of Summit stated, “I decided to partner with the HCI team because I trusted they would be an excellent, long-term business partner. Their unwavering commitment to our shared vision, strong business acumen and excellence in M&A execution helped accelerate our creation of a preeminent, advanced technology PCB manufacturer. I am very proud of what we have accomplished together.”
Doug McCormick, HCI’s Managing Partner commented, “We are honored to have had the opportunity to work with the Summit team over the past five years. They have delivered great value for our investors and built a better business with a better value proposition for key stakeholders, customers and employees alike. We wish them well in the next chapter of their growth under new ownership.”
Harris Williams acted as financial advisor and McDermott Will & Emery LLP acted as legal counsel to Summit Interconnect on the transaction. Lazard acted as financial advisor and Cravath, Swaine & Moore LLP acted as legal counsel to Lindsay Goldberg.
About Summit Interconnect
Summit Interconnect is a leading provider of complex printed circuit boards focused on fast growing defense and high-performance commercial sectors in the North American market. Summit offers solutions ranging from advanced cutting-edge prototyping to complex high mix, low-to-mid volume production. Summit’s five facilities are located across California, Illinois, and Toronto, Canada. For more information about Summit Interconnect, please visit www.summit-pcb.com.