Harris Williams Advises Summit Interconnect, Inc. on its Sale to Affiliates of Lindsay Goldberg

Rhea-AI Summary

Harris Williams advised Summit Interconnect, Inc. on its sale to Lindsay Goldberg affiliates. Summit specializes in advanced printed circuit boards for the defense, space, and commercial sectors in North America. Under HCI Equity Partners, Summit grew revenues by over 500% during the investment period. This strategic transaction reflects strong investor interest in defense and space markets, with Summit positioned as a key supply chain partner. The deal marks another success for Harris Williams in defense electronics, suggesting robust future growth.

Positive

• Summit grew revenues by over 500% during HCI's investment period.
• Strong investor interest in defense and space markets positions Summit for growth.
• Transaction indicates continued success and strategic partnerships for Summit.

Negative

• None.

RICHMOND, Va.--(BUSINESS WIRE)-- Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Summit Interconnect, Inc. (Summit), a portfolio company of HCI Equity Partners (HCI), on its sale to affiliates of Lindsay Goldberg. Summit is a leading provider of complex printed circuit boards focused on defense, space and high-performance commercial sectors in the North American market. The transaction was led by Chris Rogers, Chris Smith, Evan Clark and Elliot Cave of the Harris Williams Aerospace, Defense & Government Services (ADG) Group and John Arendale and Jenson Dunn of the firm’s Industrials Group.

“In partnership with HCI, Shane Whiteside, president and CEO, and the Summit team have built a world-class PCB technology and advanced manufacturing platform that today is a fast-growing strategic supply chain partner to the market’s leading defense primes,” said Chris Rogers, a managing director at Harris Williams. “This transaction is indicative of high investor interest in the defense and space end markets and we look forward to watching the company’s continued success in partnership with Lindsay Goldberg.”

“Summit represents another great outcome for Harris Williams in the defense electronics sector, where long-term customer funding priorities provide a strong foundation for future growth,” added Chris Smith, a director at Harris Williams.

“By working with professionals from the Harris Williams ADG Group and Industrials Group, we were able to communicate our unique perspectives and understanding of Summit’s most compelling end market opportunities as well as its differentiated operational capabilities,” said John Arendale, a managing director at Harris Williams. “The company has found a great partner and we are proud to have achieved an optimal outcome for all parties.”

Summit is a leading provider of complex printed circuit boards focused on fast growing defense and high-performance commercial sectors in the North American market. Summit offers solutions ranging from advanced cutting-edge prototyping to complex high mix, low-to-mid volume production. Summit’s facilities are located across California, Illinois and Toronto.

HCI is a lower-middle market private equity firm focused on transformational consolidation strategies in the defense, distribution, manufacturing and technical service markets. In partnership with industry veteran Shane Whiteside, HCI orchestrated the acquisition of five founder-owned businesses to create a leader in the high reliability printed circuit board market, while growing revenues by over 500% during the investment period. HCI is headquartered in Washington, D.C.

Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised more than $17 billion of equity capital and has invested in over 50 platform companies and over 250 follow-on opportunities. The firm focuses on industries that have demonstrated resilience across economic cycles, including industrials, business, government and financial services, and healthcare in North America and Western Europe. Lindsay Goldberg takes a relationship driven approach and is supported by its global network of affiliate partners.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website.

The Harris Williams Industrials Group has experience across a variety of sectors, including advanced manufacturing; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005603/en/

Julia Moore

media@harriswilliams.com

Source: Harris Williams

FAQ

What is the recent transaction involving Summit Interconnect, PNC?

Harris Williams advised Summit Interconnect on its sale to Lindsay Goldberg affiliates, highlighting significant growth potential.

What sectors does Summit Interconnect focus on?

Summit specializes in advanced printed circuit boards for defense, space, and high-performance commercial sectors.

How much did Summit Interconnect grow under HCI Equity Partners?

Summit Interconnect achieved over 500% revenue growth during HCI's investment period.

Who advised the acquisition of Summit Interconnect?

Harris Williams provided advisory services for the sale of Summit Interconnect to Lindsay Goldberg.

What are the implications of the Summit Interconnect sale for PNC?

The sale underscores Harris Williams' success in the defense sector, potentially benefiting PNC through enhanced advisory reputation.