Quadrant Private Equity’s growth arm has hopped to the front of the line at Sydney-based electronics part manufacturer Circuitwise, which was put up for sale in February via E&P Corporate Advisory.
Quadrant’s growth investments has secured a final round of exclusive due diligence at Circuitwise, and could seal the deal in the coming weeks. Sources said Quadrant had outbid rival suitors Five V Capital and Alceon Private Equity, after offering about 8-times current earnings.
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Family owned Circuitwise, based in Sydney’s Bella Vista, manufactures printed circuit board assemblies, which go into electronic equipment used by hospitals, aerospace and defence, telecommunications, and power and infrastructure sectors.
Its founders, Roz and Greg Ross, called in E&P to offer a controlling stake in the business after 36 years of ownership. The business was expected to post $33.6 million revenue and $9.4 million EBITDA in the next financial year.
Circuitwise was pitched as an advanced manufacturing facility that made “mission critical” electronics parts. Potential backers were told it had a good line-of-sight on its future revenues, thanks to its customers’ tendency to place orders well in advance.
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