Wipfli Corporate Finance acted as exclusive financial advisor to Holaday in connection with the sale to Firan Technology Corporation
June 23, 2023
Wipfli Corporate Finance Advisors, LLC is pleased to congratulate Toronto-based Firan Technology Group Corporation (TSX:FTG), a leading provider of electronic products and avionic subsystems for the aerospace and defense markets, on its acquisition of Holaday Circuits Inc.
Based in Minnetonka, Minnesota, Holaday is a manufacturer of high-technology circuit boards primarily for the aerospace and defense markets.
The deal closed April 28, 2023, after approval by the Committee on Foreign Investment in the United States (CFIUS). FTG acquired 100% of Holaday for cash consideration of approximately $24 million CAD, subject to typical closing adjustments. There is also an earnout provision of up to $6 million CAD, based on performance over the next 18 months.
“FTG had identified Holaday as an ideal fit with our product and market focus. This acquisition complements FTG’s existing facilities, adds new customers and expands our market share in the aerospace and defense market,” said Brad Bourne, president and CEO of FTG. 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.”
Holaday Executive Vice President Dennis Pulanco explained why the transaction was undertaken.
“With the passing of Marshall Lewis, my business partner for 40 years, it was time for an ownership change at Holaday,” he said. “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.”
Wipfli Corporate Finance Advisors, LLC acted as exclusive financial advisor and Messerli Kramer acted as legal counsel to Holaday in connection with the sale.
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