NEW YORK -- New-York based private investment firm Lindsay Goldberg has acquired Summit Interconnect for an undisclosed sum in a deal closed Sept. 22.

Summit, the second-largest printed circuit fabricator in the US, was previously owned by HCI Equity Partners, a private equity firm.

Summit is a leader in quickturn manufacturing of advanced technology printed circuit boards, primarily for aerospace, defense and other commercial sectors. The company has facilities in California, Illinois and Toronto. The Anaheim, CA-based company saw revenues grow 229% from 2017 to 2020.

Starting in 2016, HCI partnered with industry veteran Shane Whiteside to execute an organic growth and acquisition strategy for Summit in the US 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.

In a statement, Shane Whiteside, president and CEO, Summit, said, "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."

Lindsay Goldberg also has significant position in the electronics manufacturing services industry as owner of Creation Technologies, a CIRCUITS ASSEMBLY Top 50 EMS firm. The companies are owned by different funds within Lindsay Goldberg, however, and will remain separate entities.

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