TORONTO – Firan Technology Group has acquired 100% of the outstanding shares of printed circuit board manufacturer Colonial Circuits for some $3.1 million ($4 million CAD).
The purchase price was paid in cash on closing using funds from FTG’s existing credit facilities.
The deal was announced Mar. 29, and FTG has now attained approval from the Committee on Foreign Investment in the United States (CFIUS). All closing conditions have been met, and the acquisition has closed.
Colonial has reported annual sales of $7 million to $9 million (Canadian dollars) over the past few years.
“FTG had identified a desire to add US manufacturing capacity for standard technology product for aerospace and defense applications,” said FTG president and CEO Brad Bourne. “This acquisition accomplishes this and will complement FTG’s existing facilities, adding capacity and new customers. Having met the team at Colonial, I am truly thrilled by their skills, dedication and commitment to excellence, and I welcome them all to FTG.”