Industrial Growth Partners announced on October 28, 2026, that it has entered into a definitive agreement to sell AdvancedPCB Holdings, LLC to Amphenol Corporation (NYSE:APH), with closing subject to regulatory approvals in the United States and customary closing conditions.

Key Highlights

  • Definitive agreement signed: Industrial Growth Partners agreed to sell AdvancedPCB Holdings, LLC to Amphenol Corporation, subject to U.S. regulatory approvals and customary closing conditions.
  • Company profile: AdvancedPCB is headquartered in Aurora, CO, was founded in 1977, and operates six facilities in the United States serving defense, aerospace, and industrial markets.
  • IGP's original acquisition: IGP, together with management team members and certain outside co-investors, acquired AdvancedPCB in October 2021.
  • Growth strategy: Since the 2021 acquisition, IGP worked with management to grow AdvancedPCB both organically and through a number of acquisitions, and invested in manufacturing capacity, automation, and assembly capabilities.
  • IGP background: Industrial Growth Partners was founded in 1997, is based in San Francisco, and has raised over $3.4 billion of equity capital since inception, investing exclusively in middle-market industrial companies.

IGP's Sale of AdvancedPCB to Amphenol: Transaction Details and Company Background

According to the announcement, Industrial Growth Partners ("IGP") has entered into a definitive agreement to sell AdvancedPCB Holdings, LLC ("AdvancedPCB") to Amphenol Corporation (NYSE:APH). The transaction remains subject to regulatory approvals in the United States and customary closing conditions, and no financial terms were disclosed in the filing.

The filing describes AdvancedPCB as "a leading independent North American provider of high-reliability printed circuit board ('PCB') solutions for mission-critical applications," serving customers in the defense, aerospace, and industrial markets from six U.S. facilities. IGP, along with management team members and certain outside co-investors, acquired AdvancedPCB in October 2021. In the period following that acquisition, the filing states that IGP worked with management to grow the company both organically and through a number of acquisitions, while also enhancing program management, expanding technical sales and engineering resources, and investing in manufacturing capacity, automation, and assembly capabilities.

Greg Halvorson, CEO of AdvancedPCB, is quoted in the filing as saying that IGP's "support and long-term perspective were critical as we created an integrated company serving our customers under a single brand." Eric Heglie, Managing Partner at IGP, described AdvancedPCB as having "a differentiated position in defense electronics" and stated that "Amphenol's reach across electronics and interconnect markets makes it well positioned to support AdvancedPCB's growth." IGP is described in the filing as a San Francisco-based private equity firm founded in 1997 that "invests exclusively in middle-market companies in the industrial sector in partnership with management teams."

What Was Disclosed

The filing announced a definitive agreement for Industrial Growth Partners to sell AdvancedPCB Holdings, LLC to Amphenol Corporation (NYSE:APH). No transaction value was disclosed. Closing is contingent on U.S. regulatory approvals and customary closing conditions.