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FTG Inks Definitive Agreement to Acquire IMI Inc.
November 18, 2022 | Globe NewswireEstimated reading time: 1 minute
Firan Technology Group Corporation has entered into an agreement to acquire IMI, Inc. based in Haverhill, Massachusetts, north of Boston. IMI is a manufacturer of specialty RF 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 fiscal 2023.
FTG will acquire 100% of the common shares of IMI for cash consideration of approximately $2M CAD, subject to typical closing adjustments. The target company has had reported annual sales of approximately $4-5M CAD in its unaudited financial statements over the past few years.
“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," said Brad Bourne, president and CEO of FTG. “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 added, “I am pleased with the sale of IMI to FTG, as I believe FTG will continue to build the business going forward to the benefit of IMI’s customers, employees and other stakeholders. While the ownership of the company is changing, I have agreed to remain with IMI as president for a period of time after the closing of the sale to FTG.”
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