Done Deals: North American Taps into Circuit Board Co. –

North American Business Development Cos. LLC recently acquired Pronto Circuit Technologies, a circuit board manufacturer, for an undisclosed amount. North American is the management arm of North American Funds, which partner with institutional investors to make acquisitions and investments.

Equity for the Pronto deal is coming from North American Fund III, the firm’s third fund and second institutional effort, which raised $65 million in 1996.

Pronto Circuit manufactures multi-layer printed circuit board in the “quick turn” segment of the market for original equipment manufacturers and contract assemblers in the U.S.

Ray Fleites, a principal at North American, said the deal had a flexible structure, but declined to provide the size of his firm’s commitment to Pronto Circuit.

The company had approximately $10 million in revenue last year and North American anticipates building earnings to between $70 million and $80 million in five to seven years, Fleites said.

North American was attracted to Pronto Circuit by its seasoned management team and the market opportunity within the “quick turn” niche, he said. The firm will concentrate on increasing the technology base of the company’s manufacturing facility, as well as focusing on sales and marketing, which may lead to hiring additional employees, he added.

Prior to this acquisition, North American’s most recent deal was the acquisition of WWWRRR, an online education, communication and training company. The North American portfolio company most closely related to Pronto Circuit is Unipower Corp., which designs, manufactures and markets medium- to high-power switching power supplies for computer, telecommunications and other equipment.

North American currently manages funds for investors such as Ameritech, University of Texas and MacArthur Foundation.