Firan Technology Group Corporation (“FTG”) Announces the Signing of a Definitive Agreement to Acquire Holaday Circuits, a US Based Circuit Board Company

TORONTO, Dec. 28, 2022 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG), a leading provider of electronic products and avionic sub-systems for the aerospace and defense markets, announced it 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.

FTG will acquire 100% of Holaday for cash consideration of approximately $24M CAD, subject to typical closing adjustments. There is also an earn out provision of up to $6M CAD based on future performance. Holaday had reported annual sales of over $40M CAD in its audited financial statements prior to the pandemic, dropping to $30M during the pandemic.

Wipfli Corporate Finance Advisors, LLC acted as exclusive financial advisor and Messerli Kramer acted as legal counsel to Holaday in connection with the sale.  

“FTG had identified Holaday as an ideal fit with our product and market focus. This acquisition, if completed, will complement FTG’s existing facilities, add new customers and expand our market share in the Aerospace and Defense market,” stated Brad Bourne, President and CEO, FTG Corporation. He added, “The team at Holaday has built a great business with a strong reputation in the industry for quality products and excellent operational performance and we are excited to have them as part of FTG. We intend to continue to operate the business in its current facility.”

Dennis Pulanco, Holaday’s Executive Vice President, commented, “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.”

FTG also announces it 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 $8.5M CAD, less commissions and other expenses. The initial lease period will be through 2029, with two additional five-year options to extend the lease.


FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:

FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a joint venture in Tianjin, China.

FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.

The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG.


This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

For further information please contact:

Bradley C. Bourne, President and CEO                        
Tel: (416) 299-4000, ext. 314
Firan Technology Group Corporation

Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000, ext. 264
Firan Technology Group Corporation
[email protected]

Additional information can be found at the Corporation’s website 

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