APCT, a manufacturer of printed circuit boards and a portfolio company of Industrial Growth Partners, has acquired Compass AC Holdings Inc., the parent company of Advanced Circuits Inc., from Compass Diversified.

Advanced Circuits is a printed circuit board manufacturer based in Aurora, Colo. Under the terms of the agreement, Advanced Circuits will be sold to APCT for an enterprise value of $220 million in cash at close. Net proceeds will be used to pay off outstanding revolver borrowings.

“We look forward to Advanced Circuits’ next chapter, and we’re confident that our partnership with APCT will enable us to further our position as an industry leader and deliver the high-quality products our customers expect,” states John Yacoub, CEO of Advanced Circuits.

Jefferies LLC acted as financial advisor and Ropes & Gray LLP acted as legal counsel to CODI. Kirkland & Ellis LLP acted as legal counsel to APCT.