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Firan Technology Group Corporation announced it has acquired 100% of Minnesota based Holaday Circuits and 100% of Massachusetts based IMI Inc.
Further to the previous announcements made by FTG regarding these acquisitions, FTG has now attained the approval from the Committee on Foreign Investment in the United States (CFIUS) and all closing conditions have been met and both acquisitions are now closed.
The IMI acquisition bolsters FTG presence in RF circuit boards for the Aerospace and Defense market. The RF market is growing, and IMI’s specialized capabilities will enable FTG to better address this market segment and support our customers’ needs.
The Holaday Circuits acquisition gives FTG a large, US based facility that can address the market for high technology circuit boards, particularly for defense applications which will again enable us to better support our customers.
Combined, the acquisitions had sales of about $45 million pre pandemic. The combined purchase prices are approximately $27M and the Holaday agreement also has an earn out of up to approximately $6M depending on financial performance over the next 18 months. The acquisitions will be funded primarily from existing cash and bank facilities will be used for remaining balance.
“FTG had identified a desire to add US manufacturing capacity for RF and high technology product for aerospace and defense applications. These acquisitions accomplish this and will complement FTG’s existing capabilities and locations,” stated Brad Bourne President and CEO, FTG Corporation. He added, “Having met the teams at IMI and Holaday Circuits, I am truly thrilled by their skills, dedication and commitment to excellence and I welcome them all to FTG.”
