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LWO Acquisitions, LLC

Dba Circuitronics, Price Circuits,LLC.
Manufacturing website LinkedIn
Printed Circuit Boards

LWO Acquisitions Company LLC, doing business as Circuitronics Inc., provides printed circuit boards. The Company offers inventory management, engineering, designing, testing, farication, box build, cabinet, wire harness packaging logistics, and production services. LWO Acquisitions Company operates in the State of Texas.- From Bloomberg

In today’s ever changing market, Circuitronics LLC/Price Circuits LLC has provided many companies, including several Fortune 500 firms, with quality, time-critical printed circuit boards. With high levels of precision, complexity, and reliability in rigid, flex and rigid flex technologies, Circuitronics LLC/Price Circuits LLC have devoted its energies to creating the most sophisticated printed circuit boards and has been dubbed an “Engineers Playground” because of its technical expertise in the process development and implementation of these cutting edge technologies. By creating longstanding partnerships, investing in new equipment, and continuously looking to improve processes, we have been able to stay ahead of the competition and provide its customers with unparalleled products.

Our combined commitment to quality and excellent customer service has placed us among the top printed circuit board suppliers and has made us leader in the industry for advance technologies.

Our goal for the future is to continuously improve our facility and our processes so we can ensure that our customers will stay on the leading edge of technology, and ahead of their competition. From website

Corporate Highlights

1/14/2015: Company acquired. by Corridor Capital.

1971: Company founded.

BDC Credit Reporter View

Only Gladstone Capital (GLAD) has any investment in this defense-oriented printed circuit board manufacturer owned by a private equity group since 2015. There have been ups and downs over the years, and some of the debt that should have been paid off in 2017 has been renewed and repriced and a small extra amount advanced. We've had the Company on Watch List for years, but in the IIIQ 2018, our concerns grew with a sudden and sharp increase in the senior debt valuation discount. (See Investment Highlights). This has moved the Company to a CCR 4 rating - aka our Worry List. There is no smoking gun here. Indeed Circuitronics continues to invest in new production as recently as the summer. Nonetheless, the valuation change means we'll be keeping a daily look-out for any news. Should these loans go into default, GLAD could lose $1.4mn or the equivalent of 5 cents a share at Net Investment Income.

Highlights

IIIQ 2018: The GLAD valuation of the first lien debt decreased to a 45% discount from a 15% discount. Subordinated debt decreased in value sharply as well. Moved to CCR 4 from CCR 3. Potential loss of Investment Income on annual basis: $1.5mn.

IVQ 2017; GLAD extends 2018 debt to 2019, matching maturity of other facility. Pricing increased. Small second lien loan added. Debt discounted only 7%, but equity written to zero.

IQ 2017: First lien 2017 debt refinanced with a new 2018 facility by GLAD, with debt discounted over 20%.

IIIQ 2015: Added to Watch List based on valuation.

IQ 2015: GLAD provides $14.2mn in senior debt due in 2017 and 2019 and equity to finance acquisition. (See Corporate highlights).

Brentwood private equity firm Corridor Capital announced Monday that it acquired Circuitronics Inc. in Irving, Texas, together with McLean, Va., private equity firm Gladstone Capital Corp. and Circuitronics’ management. Terms of the deal were not disclosed.

Credit Status Under-Performing
Corp. Rating 4
Trending
BDC Exposure $Mn $15.4mn
Type Private- Corridor Capital LLC
Headquarters Irving, TX
BDC Invested
View Updated 2018-11-18