TORONTO -- Firan Technology Group has entered into an agreement to acquire Haverhill, MA-based IMI Inc., a manufacturer of specialty RF circuit boards focused on the aerospace and defense markets.

FTG will acquire 100% of the common shares of IMI for cash consideration of approximately C$2 million ($1.5 million), subject to typical closing adjustments. The target company has had reported annual sales of approximately C$4 million ($3 million) to C$5 million ($3.76 million) in its unaudited financial statements over the past few years.

Closing is expected to take place in the first quarter of fiscal 2023, subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions. The companies will shortly apply for CFIUS approval.

“FTG had identified a desire to increase its product offering of RF Circuit Boards for aerospace and defense applications,” said Brad Bourne, president and CEO, FTG. "This acquisition, if completed, will complement FTG’s existing facilities, add new customers and provide a broader product offering to our existing customer base. [IMI CEO and president] Peter Bigelow has done an excellent job building IMI’s RF capability through investments in people, processes and technology and FTG plans to grow IMI from its current location.”

“I am pleased with the sale of IMI to FTG, as I believe FTG will continue to build the business going forward to the benefit of IMI’s customers, employees and other stakeholders," Peter Bigelow, president and CEO, IMI Inc. "While the ownership of the company is changing, I have agreed to remain with IMI as President for a period of time after the closing of the sale to FTG.”

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