Circuitronics Inc., a local contract manufacturer of electronics, has been acquired by a local private equity firm called LongWater Opportunities LLC.
Terms of the deal between the two Dallas organizations weren’t disclosed.
“The current business has strong fundamentals that we can build on to make into an even stronger business,” said Jordan Bastable, a partner at LongWater Opportunities, of Circuitronics.
In conjunction with the transaction, Gary Tanel, a 30-year veteran of the electronics manufacturing industry, has taken the role of president and CEO at Circuitronics. He replaces Jeff Frobus, Circuitronics’ former owner, who will remain with the business in an on-going capacity running the sales area.
Circuitronics builds electronics for customers in the oil and gas, military electronics, industrial controls and medical industries, according to Tanel. Over the next three years, he said, he plans to grow the business’ staff from 35 to 60 people, and to invest an unspecified amount in “state of the art manufacturing equipment.”
“We’ll consider additional acquisitions” in the design-services area, Tanel added.