A method of forming a heat spreader on a printed circuit board (PCB), having a power dissipating component operably coupled thereto, includes attaching a thermally and electrically conductive structure, to a first side of the PCB to define a first PCB region that includes the component and a second PCB region without. The underside of the component is underfilled to electrically insulate its solder contacts. A first protective layer is applied to the second region of the PCB. A conductive plating membrane is deposited to the first region, the second region, and to the structure. A second protective layer is applied over a portion of the conductive plating membrane that overlays the second region, leaving exposed the rest of the conductive plating membrane. An electrically and thermally conductive layer is electroplated over the exposed areas of the conductive plating membrane, to form a heat exchanger within the first region.