B. Riley Served as Advisor to Industrial Growth Partners in Acquisition

LOS ANGELES, April 12, 2023 - B. Riley Securities is pleased to have served as advisor to APCT, a portfolio company of Industrial Growth Partners ("IGP"), in connection with its acquisition of Advanced Circuits Inc. ("ACI" or "the Company").

Operating from facilities in Colorado, Minnesota, and Arizona, Advanced Circuits Inc. is a software-enabled designer and manufacturer of small-run quick-turn printed circuit boards (PCBs), including multi-layer rigid and high-density interconnect (HDI) products. The Company specializes in rapid prototype and low-volume production manufacturing for high reliability and mission critical applications within the aerospace & defense, medical and other specialty industrial markets.

Senior Managing Director at B. Riley Securities, Michael Del Pero, commented, "We are thrilled to see APCT and ACI combine forces. Together they represent two of the highest-profile companies in the PCB space, which is an area where we have significant transaction experience. We continue to see strong interest for high quality assets across the industrial electronics sector given the backdrop of secular trends around reshoring and electronification, as well as the continued modernization of Hi-Rel applications and the broader proliferation of Industrial IoT."

APCT is a designer and custom manufacturer of low volume, high mix advanced technology printed circuit boards, including through-hole, advanced HDI, and flex & rigid-flex products. The Company specializes in quick turn, prototype and low-volume production manufacturing for critical applications within the aerospace & defense, medical, data center, and other industrial end markets where APCT's certifications are critical. Cycle times offered by APCT are consistently faster than industry standards and premium quick-turn capabilities are the fastest in the world. APCT's North America-based manufacturing operations offer prototypes to mid-production orders, while also offering full-scale production solutions through a variety of offshore partnerships via APCT's Global division. To learn more visit apct.com.

Since 1989, ACI has been one of the leading manufacturers of rigid printed circuit boards based on sales volume. Reflecting its high-tech advances, Advanced Circuits is MIL-PRF-31032, MIL-PRF-55110G, AS9100C, ISO 9001:2008 Certified, IPC 6012 3/3A, IPC 6018 Class 3 Qualified, and ITAR Registered as well as being DOD Contracts Ready. ACI is particularly well known for its quick-turn capabilities, and innovative PCB services. To learn more, visit 4pcb.com.

Founded in 1997, Industrial Growth Partners is a San Francisco-based specialist private investment partnership with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle market companies in the industrial sector in partnership with management teams. To learn more, visit igpequity.com.

B. Riley's deal team was led by Senior Managing Director, Michael Del Pero. To learn more about the transaction, click here, or contact Michael Del Pero at (310) 405-7005.

About B. Riley Securities
B. Riley Securities ("B. Riley") is a leading middle market investment bank that provides corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, corporate restructuring, and recapitalization. The firm is nationally recognized and highly ranked for its proprietary small-cap equity research. B. Riley Securities is a wholly owned subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY). For more information, visit www.brileysecurities.com.