Firan Technology Group to acquire US-based circuit board company
Firan Technology Group has entered into an agreement to acquire IMI, Inc. a mnufacturer of specialty RF circuit boards focused on the aerospace and defense markets based in Haverhill, Massachusetts.
FTG will acquire 100% of the common shares of IMI for cash consideration of approximately CAD 2 million. The target company has reported annual sales of approximately CAD 4-5 million in its unaudited financial statements over the past few years, a press release reads.
The closing of the acquisition is subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions. The closing of the transaction is expected to take place in the first quarter of fiscal 2023.
“FTG had identified a desire to increase its product offering of RF Circuit Boards for aerospace and defense applications. This acquisition, if completed, will complement FTG’s existing facilities, add new customers and provide a broader product offering to our existing customer base,” says Brad Bourne, President and CEO, FTG Corporation, in the press release. “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.”
Peter Bigelow has agreed to remain with IMI as President for a period of time after the closing of the sale to FTG.