Metatron Private Equity Acquires Green Circuits: Silicon Valley EMS Provider Targets Growth Under New Investment Platform

Metatron Private Equity Launches with Green Circuits Acquisition

Reichmann Segal Capital Partners has announced the formation of Metatron Private Equity, a new investment platform focused on North American businesses with operational foundations and long-term growth potential. In conjunction with its launch, Metatron completed the acquisition of Green Circuits Inc., a Silicon Valley-based electronics manufacturing services (EMS) provider, from Evolve Capital.

Founded in Silicon Valley, Green Circuits provides high-reliability, quick-turn, and complex electronics manufacturing solutions to customers across aerospace, defense, medical, industrial, and technology sectors. The company is known for its engineering-focused approach and deep customer relationships in one of the world’s most demanding technology ecosystems.

Strategic Rationale

The acquisition reflects growing investor interest in domestic electronics manufacturing as supply chain resilience becomes a board-level priority. Metatron’s co-CEOs highlighted several factors driving the deal:

Domestic demand surge: Increasing requirements for ITAR-compliant, domestically manufactured electronics assemblies. Defense modernization programs and the CHIPS Act ecosystem are creating sustained demand for U.S.-based EMS capacity.

Complexity premium: Green Circuits specializes in high-mix, low-to-medium volume production with engineering review services — exactly the segment where margins are strongest and customer stickiness is highest.

Reshoring tailwind: As hardware companies diversify away from single-source overseas manufacturing, domestic EMS providers with quality certifications (AS9100, ISO 13485, ITAR registration) command premium pricing and long-term contracts.

“Green Circuits is uniquely positioned to capitalize on increasing demand for domestic electronics manufacturing, supply chain resiliency, and high-complexity production capabilities,” said Charles Reichmann, Metatron Co-CEO. “We are excited to support the company’s next phase of growth through strategic investment, operational and geographic expansion, and customer growth and diversification.”

What This Means for the Industry

The Green Circuits acquisition is the latest in a wave of private equity consolidation across the North American EMS sector. In the past 18 months:

• Multiple PE firms have acquired PCB fabricators and assemblers
• Valuations for ITAR-registered facilities have risen 30–40%
• Growth capital is flowing into capacity expansion and automation

This trend signals that sophisticated investors see domestic electronics manufacturing as a multi-decade growth market, not a cyclical bet. For hardware companies, the implications are mixed:

Positive: More capital means faster capacity expansion, equipment upgrades, and potentially better capabilities from acquired facilities.

Concern: PE ownership often brings price optimization. Customers of acquired EMS providers should monitor for pricing changes and ensure service levels are contractually protected.

Green Circuits’ Capabilities

Green Circuits’ manufacturing platform includes:

• SMT assembly with fine-pitch BGA and micro-BGA capability
• Through-hole and mixed-technology assembly
• Box build and system integration
• Engineering support (DFM review, test development)
• NPI (new product introduction) acceleration
• Serving aerospace, defense, medical, and industrial markets

The facility operates under quality management systems aligned with aerospace (AS9100) and defense requirements, making it particularly well-suited for the high-reliability electronics segment where demand is growing fastest.

Financing and Advisors

Financing for the acquisition was provided by Reichmann Segal’s syndicate of lenders led by National Bank of Canada, with participation from Fédération des caisses Desjardins du Québec, Meridian Credit Union, Export Development Bank of Canada, Bank of America, and Citibank, as well as MGG Investment Group.

Lincoln International acted as exclusive sell-side advisor. Cozen O’Connor LLP served as legal counsel to Reichmann Segal.

Source: PCB Directory, June 2026

Image: Alexandre Debiève via Unsplash

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