Industrial Growth Partners on Wednesday, Oct. 28, said it’s agreed to sell printed circuit board provider AdvancedPCB Inc. to Amphenol Corp. (APH).

IGP didn’t disclose the financial terms of the transaction.

The divestiture comes after The Deal reported last month that the firm was in the late stages of a sale for the company, having retained Jefferies LLC to advise on the process. AdvancedPCB was marketed on roughly $80 million in Ebitda, The Deal reported, with a source estimating a high single digit to low double digit Ebitda multiple.

Amphenol, which issued its own statement on the acquisition Wednesday, said it will finance the purchase through a combination of cash on hand and debt.

Aurora, Colo.-based AdvancedPCB serves aerospace and defense, data centers, robotics, medical technology, telecommunications, automotive and other industries.

IGP, formally known as IGP Industries LLC, started the platform with the purchase of APCT Inc. in October 2021. The business was generating around $20 million at the time, and IGP paid around 10 times for it, The Deal reported.

IGP merged APCT with Advanced Circuits Inc., a business it acquired from Compass Diversified Holdings Inc. (CODI) in October 2023 for $220 million. The add-on effectively doubled the platform’s size.

IGP said its ownership enabled AdvancedPCB to grow both organically and through several acquisitions, strengthen its commercial and operational capabilities and deepen its exposure to new end markets. Other initiatives included enhancing program management, expanding technical sales and engineering resources and investing in manufacturing capacity, automation and assembly capabilities, according to IGP.

San Francisco-based IGP makes investments in middle market companies in the industrial sector alongside management teams. The firm has raised $3.4 billion in equity capital across six funds and has invested in more than 50 platforms.

The firm raised $1.2 billion in 2022 for its sixth closed-ended private equity buyout fund, which invests in niche manufacturers, value-added distributors and critical industrial services businesses throughout North America, according to With Intelligence data.

Founded in 1932, Wallingford, Conn.-based Amphenol produces electronic and fiber optic connectors, cable and interconnect systems.

The parties expect the transaction to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.

IGP and AdvancedPCB tapped Jefferies for financial advice and a Paul Hastings LLP team led by Brian F. Richards and Samuel J. Domjen for counsel. Managing partner Eric Heglie and AdvancedPCB CEO Greg Halvorson worked on the deal internally.