Acquirer: Firan Technology Group Corporation (Canada)
Acquired: Colonial Circuits, Inc. (US)
Value: Approximately CAD $4 million (US$2.8 million)
Industry: Integrated Circuits
On July 15, 2019, Firan Technology Group Corporation, a publicly traded Canadian company (TSX: FTG) announced it acquired 100% of the outstanding shares of Virginia-based circuit board manufacturer Colonial Circuits, Inc., for a purchase price of approximately CAD 4 million. (See Firan Technology Group Corporation Press Release, July 15, 2019.) FTG Circuits is a manufacturer of printed circuit boards with customers “in the aviation, defense, and high technology industries.” (Id.) The press release by Firan Technology Group (“FTG”) stated that “FTG has attained the approval from the Committee on Foreign Investment in the United States (CFIUS),” which was notified following the signing of a definitive agreement on March 29, 2019. (Id.; see also Firan Technology Group Corporation Press Release, Apr. 1, 2019.
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