SAN BERNARDINO, CA -- The long-awaited deal for Photocircuits, the Glen Cove, NY, manufacturer of printed circuit boards, was made official Friday with the sale of the company business to a newly formed subsidiary of American Pacific Financial Corp.

AMPAC, a private equity group, purchased the company at auction. No financial details were provided in the announcement, although previous reports indicated the purchase price was around $43 million.
The news was first reported by UP Media Group Thursday.

Photocircuits will continue to operate under the same name and will maintain its focus on quick-turn, prototype, and military PCB manufacturing in the US and volume production via a joint venture, PC Asia, with Global Brands Manufacturing.

AMPAC president Larry Polhill was named chairman of Photocircuits.

Photocircuits is looking to Asia to drive future growth. PC Asia hit $1 million in shipments last October and by May is expected to surpass $3 million per month, said Steve Graves, vice president of sales.

Chief executive Rick McNamee said in a statement, "With the capital spending we have planned for the New York operations plus the investment already in place at our PC Asia facility, 2006 will be the pivotal year for the company as it resumes its growth trajectory."

McNamee said the company would focus on quickturn and military business and would be adding "significantly" to its sales and service organization worldwide.

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