Key Takeaways
- • Metatron Private Equity, the new investment platform of Reichmann Segal Capital Partners (founded 2024), closed its first platform acquisition with Green Circuits, a San Jose-based electronics manufacturing services provider specializing in high-mix, high-complexity PCB services for aerospace, defense, medical technology, and industrial sectors.
- • Green Circuits generated a 3.5x return on invested capital for outgoing sponsor Evolve Capital during its eight-year hold (2018–2026), with revenue doubling and EBITDA increasing 2.5x under Evolve's ownership.
- • The company, founded in 2006 and led by CEO Michael Hinshaw Jr., operates from a 60,000-square-foot San Jose facility and is recognized industry-wide for its same-day quick-turn printed circuit assembly capabilities, positioning it to benefit from rising demand for domestic electronics manufacturing and supply chain resilience.
- • Metatron targets North American lower middle-market businesses with $5 million to $50 million in EBITDA across industrials, manufacturing, healthcare, business services, and technology; this acquisition represents Reichmann Segal's third overall platform investment and second in electronics manufacturing services.
- • Debt financing was led by National Bank of Canada and syndicated across seven lenders including Desjardins, Meridian Credit Union, Export Development Canada, Bank of America, Citibank, and MGG Investment Group; Lincoln International served as financial advisor.
Summary
Metatron Private Equity closed its inaugural platform acquisition with the purchase of Green Circuits from Evolve Capital, marking the investment vehicle's first major deal since its formation by Toronto-based Reichmann Segal Capital Partners in 2024. Green Circuits, a San Jose-headquartered provider of high-mix, high-complexity printed circuit board services founded in 2006, represents a strategic entry point into the domestic electronics manufacturing services (EMS) sector, where the company has built an industry reputation for rapid-turnaround production capabilities including same-day printed circuit assembly turns.
The transaction reflects Evolve Capital's successful value creation during its eight-year ownership period. Since acquiring Green Circuits in 2018, Evolve nearly doubled the company's revenue and expanded EBITDA by 2.5x, delivering a 3.5x cash-on-cash return for Evolve's invested capital. Praesidian Capital, which provided debt and growth capital support to Green Circuits during the Evolve period, collaborated throughout the investment lifecycle. Charles Reichmann and Jarrad Segal, co-CEOs of Metatron, emphasized the platform's positioning within broader supply chain trends, stating that "Green Circuits is uniquely positioned to capitalize on increasing demand for domestic electronics manufacturing, supply chain resiliency, and high-complexity production capabilities."
Under CEO Michael Hinshaw Jr.'s leadership, Green Circuits operates from a 60,000-square-foot production facility and serves customers in aerospace and defense, medical technology, industrial, and advanced technology sectors. Metatron's ownership will focus on geographic and operational expansion, talent development, and customer diversification initiatives. The new sponsor's stated thesis centers on leveraging Green Circuits' operational excellence and reputation to capture growth within what Jarrad Segal described as "one of the most important technology ecosystems in the world."
Metatron Private Equity targets control investments in lower middle-market businesses with $5 million to $50 million in EBITDA across industrials, manufacturing, healthcare, business services, financials, consumer staples, utilities, infrastructure, energy services, and technology. This acquisition constitutes Reichmann Segal's third overall platform investment and its second within the EMS and electronics manufacturing space, indicating sector specialization within the new firm's investment strategy.
Debt financing for the transaction was arranged through a syndicate led by National Bank of Canada, with participation from Fédération des caisses Desjardins du Québec, Meridian Credit Union, Export Development Canada, Bank of America, Citibank, and MGG Investment Group. Lincoln International provided financial advisory services to both Green Circuits and Evolve Capital.
The transaction reflects Evolve Capital's successful value creation during its eight-year ownership period. Since acquiring Green Circuits in 2018, Evolve nearly doubled the company's revenue and expanded EBITDA by 2.5x, delivering a 3.5x cash-on-cash return for Evolve's invested capital. Praesidian Capital, which provided debt and growth capital support to Green Circuits during the Evolve period, collaborated throughout the investment lifecycle. Charles Reichmann and Jarrad Segal, co-CEOs of Metatron, emphasized the platform's positioning within broader supply chain trends, stating that "Green Circuits is uniquely positioned to capitalize on increasing demand for domestic electronics manufacturing, supply chain resiliency, and high-complexity production capabilities."
Under CEO Michael Hinshaw Jr.'s leadership, Green Circuits operates from a 60,000-square-foot production facility and serves customers in aerospace and defense, medical technology, industrial, and advanced technology sectors. Metatron's ownership will focus on geographic and operational expansion, talent development, and customer diversification initiatives. The new sponsor's stated thesis centers on leveraging Green Circuits' operational excellence and reputation to capture growth within what Jarrad Segal described as "one of the most important technology ecosystems in the world."
Metatron Private Equity targets control investments in lower middle-market businesses with $5 million to $50 million in EBITDA across industrials, manufacturing, healthcare, business services, financials, consumer staples, utilities, infrastructure, energy services, and technology. This acquisition constitutes Reichmann Segal's third overall platform investment and its second within the EMS and electronics manufacturing space, indicating sector specialization within the new firm's investment strategy.
Debt financing for the transaction was arranged through a syndicate led by National Bank of Canada, with participation from Fédération des caisses Desjardins du Québec, Meridian Credit Union, Export Development Canada, Bank of America, Citibank, and MGG Investment Group. Lincoln International provided financial advisory services to both Green Circuits and Evolve Capital.
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