On July 24, 2020, the shareholders of Integrated Technology Limited (“ITL Circuits”) completed a sale of all of the issued and outstanding shares in ITL to Summit Interconnect, Inc. (“Summit”), a portfolio company of HCI Equity Partners.
Established in 1971, Markham, Ontario based ITL Circuits is one of North America’s leading providers of printed circuit board fabrication services. ITL Circuits is the oldest and largest privately-held printed circuit board manufacturer in Canada. It serves both original equipment manufacturers (OEMs) and electronic manufacturing service (EMS) companies, with prototype and production-volume requirements, around the world. ITL Circuits has over 65,000 square feet of factory space and approximately 130 employees.
In April 2016, HCI Equity Partners, a lower mid-market private equity firm based in Washington, DC, formed Summit from the acquisition of KCA Electronics located in Anaheim, California and Marcel Electronics International (MEI) located in Orange, California.
Cassels acted for the shareholders of ITL with a deal team that included Mickey Lungu, Chad Podolsky and Heesoo Kim (Business Law), Andrew Salem and Lucas Blair (Real Estate & Development), Peter Sullivan (Banking & Specialty Finance), Andrew Reback (Tax), Caitlin Russell (Employment & Labour), Bernice Karn (Privacy and Intellectual Property), and Brenda Swick (International Trade).