TORONTO — Firan Technology Group has completed its previously announced acquisitions of Holaday Circuits and IMI Inc.

Completion of the deals, both of which were announced last year, was slowed by mandatory US regulatory reviews.

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.

Combined, the acquisitions had sales of about $45 million pre-pandemic. The combined purchase price is approximately $19.3 million and the Holaday agreement also has an earnout of up to approximately $6 million 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.

The IMI acquisition bolsters FTG's 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.

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.

“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. “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.”

PCB East is a four-day technical conference for electronics design, fabrication, assembly and test engineers. It will take place take place May 9-12, 2023, in Boxboro, MA. The event includes a one-day exhibition on May 10.

For more information about PCB East, visit pcbeast.com.

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