SOUTHLAKE, Texas; AUSTIN, Texas; and PLANO, Texas – December 18, 2019 – Insight Equity Holdings LLC (“Insight Equity”), a leading middle-market private equity firm, is pleased to announce that its electronic manufacturing services (“EMS”) portfolio company, VIRTEX Enterprises (“VIRTEX”), has acquired a majority of the assets of Precision Technology, Inc. (“PTI”).
PTI’s single-facility location in Plano, Texas has grown its long-term relationships with key defense customers in the region to expand to various regions across the United States. With over 20 years of service within the EMS industry, PTI is known for its rapid response manufacturing of mission-critical products in a high-mix, low-volume production environment.
Brad Heath, CEO of VIRTEX commented, “PTI expands VIRTEX’s new product introduction (“NPI”) and ultra-low volume capability into the Texas aerospace and defense corridor, enhancing our relationships with key military customers. PTI also expands our expertise in flex and rigid-flex board assembly within the VIRTEX platform, which will be beneficial for our existing customers. Adding PTI to the VIRTEX platform enhances the services and capabilities within the Southwest region and expands VIRTEX’s commitment to provide both dedicated NPI capabilities, as well as volume manufacturing with each of our geographic markets.”
The VIRTEX and Insight Equity teams worked together on completing the acquisition, having identified the opportunity to accelerate VIRTEX’s growth with a complementary partner. Jeff Sterrett, a Vice President at Insight Equity remarked, “By adding PTI’s deep customer relationships and manufacturing expertise to VIRTEX, the Company can offer an augmented set of capabilities and services to all VIRTEX and PTI customers.”
Victor Vescovo, a Managing Partner at Insight Equity added, “As a trusted partner for low-volume, high complexity manufacturing, VIRTEX’s goal is to support its customers with a full suite of manufacturing services from engineering through production. Adding the PTI facility strengthens VIRTEX’s position as a leading, nationwide defense-electronics contract manufacturing company.”
VIRTEX manufactures printed circuit board assemblies and other critical electronic systems for small- and medium-sized customer programs across a wide range of industries including industrial, aerospace and defense, automotive, and medical. By providing a focused market-segment approach, VIRTEX can bring greater value and innovation to its customers, improve OEM competitiveness, and deliver comprehensive, tailored solutions that are specific to each customer. VIRTEX is based in Austin, Texas, with additional manufacturing facilities in Wisconsin, Massachusetts, Virginia, New Jersey, New Hampshire, New Mexico, and Juarez, Mexico.
Insight Equity makes control investments in strategically viable, middle-market manufacturing and distribution businesses across a wide range of industries. Leveraging its collaborative value creation model, Insight Equity facilitates operating enhancements, efficiency improvements, and growth. The firm specializes in partnering with companies in complex or challenging situations, including corporate divestitures, management buyouts, growth opportunities, going-private transactions, restructurings, and transitions from family ownership. Insight Equity is headquartered near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.