American Standard Circuits, Advised by Sikich Investment Banking, Completes Recapitalization with Gemini Investors and Plenary Partners

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American Standard Circuits (ASC), a leading manufacturer of high-performance printed circuit boards, announced recently the company’s recapitalization in partnership with Gemini Investors and Plenary Partners, with Sikich Investment Banking serving as the exclusive adviser to ASC.

“I am confident that this partnership with Gemini Investors and Plenary Partners will offer us the resources and guidance needed to achieve our ambitious growth goals,” said Anaya Vardya, CEO of American Standard Circuits. “This recapitalization will help us further accelerate the exponential growth we have seen over the past 36 months. We have seen particularly strong growth from our customers in the high technology and cutting-edge technology markets in the last few years, positioning us to help define the future of printed circuit board technology.  We want to thank all of our hardworking team members, our supplier partners and our customers who have greatly contributed to our success in the past few years and helped build the foundation to make this next important step possible.”

Based in West Chicago, Illinois, ASC is a full-service manufacturer of radio frequency and microwave, flex, rigid flex and metal clad printed circuit boards. The company serves a global customer base across diverse industries, including military and defense, aerospace, automotive, industrial, medical and telecom.

“We are excited to partner with the existing manufacturing team at ASC to help it continue its growth journey,” said Jimmy Rich, managing director at Gemini Investors. “We look forward to helping ASC further penetrate the market with its comprehensive PCB offering.”

“We’re really excited to be partnering with Gemini on another investment. Our collective experience investing in manufacturing, and in particular EMS and chip designers, allowed us to recognize ASC as a peerless manufacturer offering quick-turn solutions for complex, mission-critical components,” said Toni Peláez, managing partner at Plenary Partners.

“The Sikich Investment Banking team’s expertise and guidance as we searched for an investor was invaluable. The team helped us navigate the deal process and find two partners that will help us accelerate our growth,” said Gordhan Patel, founder and chairman of American Standard Circuits. “I want to also thank all of our hardworking team members for their continuous unconditional support. I would also like to thank our supplier partners and our customers who have helped contribute to our success.”

“ASC is an innovative company with an impressive history of growth,” said Kurt Estes, managing director at Sikich Investment Banking. “Our team works hard to find the best options and partners for our clients. With the capital support of Gemini Investors and Plenary Partners, ASC will be able to further accelerate growth in its key markets.”

Sikich Investment Banking offers capital markets advisory and mergers and acquisitions services. The team has deep experience across many industries, particularly manufacturing and distribution, technology, health care and life sciences, and business and professional services.

Gemini Investors is a private investment firm based in greater Boston. The firm focuses on middle-market businesses across a broad range of industries, including manufacturing and distribution, business services, consumer products and services, health care, and technology. Gemini has invested in more than 150 companies since it was founded in 1993 and is currently investing its seventh private equity fund. 

Plenary Partners is a private investment firm with offices in Chicago and San Francisco, dedicated to partnering with high-growth entrepreneurial companies.

Transaction terms were not disclosed.

About American Standard Circuits

American Standard Circuits (ASC) prides itself on being a total solutions provider, manufacturing quality rigid, metal-backed, RF/microwave, flex, and rigid-flex PCBs for the medical, automotive, industrial, defense, and aerospace markets in volumes from test and prototypes to large production orders. ASC has the expertise to provide a wide variety of technologies in a time-critical environment. Their qualifications include AS9100 Rev D, ISO 9001:2015, MIL-PRF 31032, MIL-PRF-55110, MIL-PRF-50884 certification and ITAR registration. In addition to manufacturing in the USA, ASC can transition and manage your PCB requirements to lower cost regions via its qualified supply chain of offshore partners. ASC also holds many key patents for metal bonding processes. For more information about American Standard Circuits' services or to ask one of their technology experts a question go to

Visit I-007eBooks to download your copies of American Standard Circuits’ micro eBooks today:
The Printed Circuit Designer’s Guide to… Fundamentals of RF/ Microwave PCBs
The Printed Circuit Designer's Guide to... Flex and Rigid-Flex Fundamentals
The Printed Circuit Designer’s Guide to …Thermal Management: A Fabricator’s Perspective



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