Migdal Ha’emek-based PCB Technologies (TASE: PCBT) has signed an agreement to acquire 100% of the shares of Gorilla Circuits, a US manufacturer of printed circuit boards and provider of printed circuit board assembly services, at an enterprise value of $120 million, subject to adjustments. The company says that the transaction marks a significant step toward becoming a global group with manufacturing operations in both Israel and the United States and adds a broad, diversified customer base.
Gorilla has operated for more than 20 years in San Jose, Silicon Valley, employs more than 320 people and serves more than 700 active customers.
PCB Technologies CEO Oved Shapira said, "This transaction is intended to transform the scale of PCB Technologies and the opportunities available to us. We are combining the technologies and manufacturing capabilities we have developed in Israel with a US manufacturing base and hundreds of customers in sectors where we have a technological advantage. Our local presence is expected to open up opportunities that have previously been limited for us and enable us to offer Gorilla’s customers a broader range of solutions.
"Gorilla brings rapid growth in sales and orders, manufacturing and assembly capabilities, and a diversified customer base. The combination creates cross-selling opportunities across our operations, and we intend to further expand access to iNPACK solutions for US customers. This will allow us to advance our ALL IN ONE strategy in the US market, offering an integrated solution from development through manufacturing and assembly.
Approximately 40% of Gorilla’s sales come from the defense and aerospace sector, comprising approximately 200 active customers, and approximately 35% from the semiconductor and high-tech sectors, comprising approximately 135 active customers. The company also serves customers in the medical, energy, robotics, and industrial machinery sectors.
Gorilla’s revenue grew by approximately 32.5% in 2025 to approximately $91.9 million. The order backlog at the end of August 2026 totaled approximately $38 million. Adjusted EBITDA, including the impact of IFRS 16, totaled approximately $13.6 million in 2025, compared with approximately $3 million in 2024, and approximately $8.9 million in the first half of 2026, reflecting an annual run rate of approximately $17.9 million.
Completion of the transaction is subject to conditions precedent, including approval by the Committee on Foreign Investment in the United States (CFIUS), and will take place following their satisfaction and no later than eight months from signing, in accordance with the agreement. There is no certainty as to whether or when the transaction will be completed.
The law firm Naschitz, Brandes, Amir (NBA) is advising on the transaction.
Published by Globes, Israel business news - en.globes.co.il - on October 8, 2026.
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