A Silicon Valley circuit board maker that has spent more than two decades building hardware for military and aerospace customers is about to change hands. PCB Technologies, an Israeli defense and microelectronics supplier, has agreed to acquire San Jose-based Gorilla Circuits in a deal valued at $120 million, giving the Tel Aviv-listed company its first manufacturing foothold on American soil.
According to PR Newswire, PCB Technologies entered a definitive agreement to acquire 100% of Gorilla Circuits' shares through a wholly owned subsidiary, with the deal financed through credit facilities from two leading Israeli banks. The enterprise value represents a 7.6 times EBITDA multiple based on Gorilla's average results for 2025 and the first half of 2026, the release states, and the transaction remains subject to customary purchase price adjustments. PCB Technologies is headquartered in Migdal HaEmek, Israel, and trades on the Tel Aviv Stock Exchange under the ticker PCBT, according to Israel Defense.
Founded by Hershel Petty and based in San Jose for more than 20 years, Gorilla Circuits describes itself as a vertically integrated manufacturer of high-reliability printed circuit boards and assembly solutions, per PR Newswire. The company serves over 700 active customers and specializes in high-mix, low-volume production runs for the semiconductor testing, technology, and aerospace and defense markets. In the first half of 2026, roughly 35% of its sales came from technology and semiconductor clients and about 40% from aerospace and defense work, the release notes.
A Multi-Site San Jose Operation With Defense Credentials
Gorilla Circuits employs more than 320 workers across its Silicon Valley manufacturing and assembly operations, Israel Defense reports. The company's footprint includes its headquarters and fabrication center at 1445 Oakland Road and an assembly facility at 2060 Ringwood Avenue in San Jose, along with an East Coast sales and engineering office in Nashua, New Hampshire, according to Gorilla Circuits' own site.
The San Jose operation holds ITAR registration with the U.S. Department of State, AS9100:2016 aerospace quality certification, and a Department of Defense-qualified chemical analysis lab, according to specifications listed by Gorilla Circuits and corroborated by industry directory Plant Automation Technology. The facility serves U.S. defense and aerospace markets. The company's financials have climbed steadily, with revenue rising from $69.4 million in fiscal 2024 to $91.9 million in 2025, then $54.9 million in just the first half of 2026, per the seed filing. Adjusted EBITDA followed a similar trajectory, growing from $3.0 million in 2024 to $13.6 million in 2025 and $8.9 million in the first half of this year, while the company's order backlog stood at approximately $38 million as of August 31, 2026.
Why an Onshore Footprint Matters
An onshore U.S. manufacturing presence is a prerequisite for many defense programs, and some contracts mandate onshore fabrication. The transaction is subject to federal clearance by the Committee on Foreign Investment in the United States, or CFIUS, before it can close, Israel Defense reports. PR Newswire states the acquisition is expected to close within the next eight months, pending customary closing conditions including that CFIUS approval. Under the agreement's terms, PCB Technologies must deposit $6 million into escrow within 60 days as liquidated damages should the deal collapse, while $7.3 million of the purchase price will sit in escrow for up to 18 months to cover indemnification and valuation adjustments, per the same Israel Defense report.
“This transaction is intended to transform the scale of PCB Technologies and the opportunities available to us,” said Oved Shapira, chief executive officer of PCB Technologies, according to PR Newswire. Shapira added that the combination will provide a U.S. manufacturing base and broaden solutions for Gorilla's customers. Mario Borjon, president of Gorilla Circuits, said the deal is expected to expand Gorilla's solutions and support larger, more complex customer programs, and that the companies plan to pursue investments in U.S. manufacturing capacity and new technologies.
Part of a Broader Reshoring Push
The deal lands amid a well-documented decline in American circuit board production. The U.S. share of global printed circuit board manufacturing has fallen from nearly 30% to approximately 4%, leaving fewer than 145 companies nationwide across PCB manufacturers, assemblers, and critical-material suppliers, according to the Printed Circuit Board Association of America. Lawmakers have taken notice: a 25% credit for purchasing American-made PCBs and proposals related to PCB and substrate production have also been discussed.
San Jose has become something of a magnet for that reshoring trend. Hoodline previously reported on Nokia-owned Infinera's $27 million purchase of an 82,100-square-foot South San Jose property in February to establish a photonic-chip production hub. PCB Technologies, for its part, says Gorilla's existing facilities are already fully equipped to support near-term growth and will not require immediate material capital investments, giving the company a plan to introduce advanced PCB substrates, microelectronics, and next-generation IC packaging capabilities to the U.S. market while expanding its reach into North American technology, aerospace, and defense sectors.
