M&A Deals in North American PCB and EMS Sectors for 2025

Mergers and acquisitions activity in the EMS and PCB sectors in North America in 2025 was certainly slow compared to previous years as well as compared to expectations. When we started 2025, there was a feeling that with a deal-making president coming into office, it would be a positive factor. Baby Boomers were riding a silver wave of retirements and there was a ton of dry powder private equity money waiting to buy their businesses. Private equity-owned firms were looking for acquisitions to grow their companies and there was a big network of young entrepreneurs looking to take out SBA loans and buy board shops.

What was the reality? Tariffs and political uncertainly led to a lot of hesitation for both buyers and sellers in the first nine months of 2025. Deal activity picked up in September, but with every headline coming out of Washington, uncertainty kept poking its head into the deal room, so deals took longer than ever to close.  

Meanwhile, many companies in the PCB and EMS sectors see the same hesitation from customers in terms of approving new projects, releasing purchase orders, and providing forecasts. Business seemed to pick up in the second half of 2025, so perhaps shipments and orders will continue to increase in 2026.

The good news for deals is that the basic positive factors are still there, and maybe sellers and buyers are getting used to the chaotic signals out of the U.S. government Or maybe they just stopped watching the news.

Here is a summary of the M&A deals in the EMS and PCB sectors in North America in 2025:

• PCB sector: Three deals in 2025, three deals in 2024, and 13 deals in 2023
• EMS sector: 14 deals in 2025, 24 in 2024, and 18 in 2023

Some notable PCB deals:

• PCB Executive Steve Robinson and Team acquired Westak (CA, OR), March 2025
• Netvia/Epec (TX/MA) acquired Roca Circuits (TX), April 2025
• Micro-Precision Technologies (NH, Thick-Film PCBs, Great River Capital) acquired Stellar Manufacturing (NH, PCBA), December 2025

On a sad note, the leader of the team that acquired Westak, and a PCB industry icon, Steve Robinson, subsequently passed away. He will certainly be missed.

Here are some notable EMS deals in 2025:

• Jabil (Public) acquired Pharmaceutics International Inc. (PE-backed, MD), February 2025
• ADAC acquired EBW (MI), March 2025
• Kaynes Technology (India) acquired August Electronics (Calgary, AL), May 2025
• Transom Capital Group (PE) acquired/took private Sigmatron International (Public, IL), May 2025
• Sanmina (U.S. Public) acquired the ZT Systems data center infrastructure manufacturing system business from AMD (U.S. Public), May 2025
• Scanfil (public Sweden) acquired ADCO Circuits (MI), June 2025
• Rosebank Industries (PE) acquired Electronic Component Industries (MO), August 2025
• Interconnect Solutions Company (CA, Tide Rock) acquired by Cogenuity Partners (CA, PE), September 2025
• DelCam Capital (PE), owner of SpaceAge Electronics, acquired Gaston Electronics (NC) (Control Panels), September 2025
• Intricon (Altaris) (MN) merged with Minnetronix Medical (MN) in October 2025 to form Forj Medical 
• NeoTech (CA) acquired by Arkview Capital, November 2025
• Analog Technologies (MN) acquired by Pro-Active (WI, Tide Rock Holdings), December 2025

We can extract some trends from this data. First, big public companies are not acquiring traditional EMS companies but rather companies that add services, products, or features. For example, Jabil’s acquisition of Pharmaceuticals International and Sanmina’s acquisition of AMD’s ZT Systems (data center infrastructure) are not typical board-stuffing companies.

My firm, GP Ventures, focuses on M&A advisory services for sellers and buyers in the PCB and EMS sectors. We have two deals under Letter of Intent in these sectors that should close soon. On our buy-side projects, we are hearing from quite a few potential sellers that they are waiting until conditions improve before engaging in discussions.

In other words, they are waiting for orders, sales, and profits to go up, and for the noise out of Washington to go down. Based on our activity and what we hear in the industry, we believe there is pent-up demand for deals in the PCB and EMS sectors. The uncertainty in the market may continue to keep the number of deals subdued, but the underlying factors should support a steady flow of M&A activity.

Fingers crossed, and I’ll keep watching I-Connect007 podcasts instead of political news.

Tom Kastner is the president of GP Ventures, an investment banking firm focused on sell-side and buy-side transactions in the tech and electronics industries. GP Ventures has offices in Chicago and Tokyo, with five people in total. Tom Kastner is a registered representative of, and securities transactions are conducted through, StillPoint Capital, LLC—a Tampa, Florida, member of FINRA and SIPC. StillPoint Capital is not affiliated with GP Ventures.