Firan to acquire Holaday Circuits
Firan Technology Group has entered into an agreement to acquire Holaday Circuits, Inc. Holaday is based in Minnetonka, Minnesota, a suburb of Minneapolis.
Holaday is a manufacturer of high technology circuit boards focused on the aerospace and defense markets. 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 companies will shortly apply for CFIUS approval. The closing of the transaction is expected to take place in the first quarter of 2023, a press release reads..
FTG will acquire 100% of Holaday for cash consideration of approximately CAD 24 million, subject to typical closing adjustments. There is also an earn out provision of up to CAD 6 million based on future performance.
“With the passing of Marshall Lewis, my business partner for 40 years, it was time for an ownership change at Holaday. It was important to us that a new owner be aligned with our values, and I am pleased with the sale of Holaday to FTG, as I believe FTG will continue to build the business going forward to the benefit of Holaday’s customers, employees and other stakeholders", comments Dennis Pulanco, Holaday’s Executive Vice President.
FTG has entered into a sale/leaseback agreement for the facility in Chatsworth California that was acquired earlier this year. The closing is subject to completion of due diligence and various closing conditions. Closing is expected in the first quarter of 2023 and proceeds would be approximately CAD 8.5 million, less commissions and other expenses. The initial lease period will be through 2029, with two additional five-year options to extend the lease.