FTG to Acquire Holaday Circuits
TORONTO – Firan Technology Group announced on Dec. 28 an agreement to acquire Holaday Circuits, a Minnetonka, MN-based printed circuit board manufacturer focused on the aerospace and defense markets. Closing is subject to approval by US regulators and other customary closing conditions and is expected to take place in the first quarter of 2023.
Under terms of the deal, FTG will acquire 100% of Holaday for cash consideration of approximately C$24 million ($17.8 million), subject to typical closing adjustments. There is also an earn out provision of up to C$6 million ($4.4 million) based on future performance. Holaday had reported annual sales of over C$40 million ($29.6 million) in its audited financial statements prior to the pandemic, dropping to C$30 million during the pandemic.
“FTG had identified Holaday as an ideal fit with our product and market focus,” said Brad Bourne, president and CEO, FTG. “This acquisition, if completed, will complement FTG’s existing facilities, add new customers and expand our market share in the aerospace and defense market. 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, executive vice president, Holaday, said: “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 has entered into a sale/leaseback agreement for the facility in Chatsworth, CA, 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 C$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.
In November, FTG also announced a deal to acquire IMI, Inc., a printed circuit board fabricator in Haverhill, MA. That deal is expected to close in the first quarter 2023.
Doosan Starts Work on New Flex CCL Plant
GIMJE, NORTH JEOLLA, SOUTH KOREA – Doosan in late December broke ground on a plant for manufacturing flexible copper-clad laminates. The company is investing nearly $50 million in the new campus, which is which is being built on a 13,000 sq. m. (140,000 sq. ft.) site.
According to the company, it will be complete in the second half of 2024.
Fastprint to Buy Ibiden’s Beijing Unit
SHENZHEN – Chinese PCB manufacturer Fastprint Circuit Tech will be acquiring a Chinese subsidiary of Ibiden, a Japanese PCB maker, at a price of JPY17.7 billion (US$129 million).
Fastprint will be financing the acquisition itself, and plans to bring new investors to the Beijing-based subsidiary while also boosting its development efforts and increasing investments to upgrade the production process and equipment, the company said in a statement.
Ibiden’s Beijing subsidiary has more than 1,300 employees and makes motherboards for leading smartphone suppliers, and its acquisition will open Fastprint to the high-end smartphone market and improve existing partnerships, the company said.
EV Consortium to Build Site in Ohio
WARREN, OH – The Mobility in Harmony Consortium, an initiative by Foxconn, will establish an Innovation Hub near Foxconn’s facility in Ohio.
The Innovation Hub will bring together global supply chain partners to share expertise and collaborate on electric vehicle (EV) and mobility projects, as well as new technologies and solutions for automakers. The plan for the effort is to accelerate EV innovation and revitalize American manufacturing by creating an EV ecosystem that spans the entire development process.
SwellFox Launces Educational Engineering Program
BOISE, ID – SwellFox in January announced the launch of its educational engineering platform CircuitBread.com. CircuitBread aims to make electronics, embedded systems, and electrical engineering easily accessible to anyone – from the general interest hobbyist or student to the seasoned expert – through the creation and publication of free electrical engineering resources ranging from content to tools.
“At SwellFox, we share a passion for education. We ultimately uncovered a common desire to create a free, easy-to-use engineering platform for students and engineers of all levels. We wanted CircuitBread to be among the highest quality singular sources for people to become familiar with electronics,” said Joshua Bishop, CEO and lead engineer at SwellFox. “We bootstrapped the entire operation, drawing on our experience developing creative and marketing solutions for technology companies.”
“From the beginning we wanted to look beyond traditional media and focus on delivering the best experience for our users by utilizing the latest technologies for streaming video, social media, instant messaging, and mobile friendly web browsing,” said Laren Dubkowski, cofounder and lead designer, SwellFox.
“Users come to CircuitBread to learn the basics about microcontrollers, op-amps, and resistors. They also come to use the tools and reference materials that they need regularly in their careers. Regardless of the skill level, we strive to ensure all tools and content are accurate and useful,” said Bishop.
FIT to Acquire Prettl SWH Group
TAIPEI – Foxconn Interconnect Technology has entered into an agreement to acquire Prettl SWH group, a German developer and manufacturer of sensor, connectivity and electrification solutions, as part of the company’s effort to expand its electronic vehicle development.
In a statement released by FIT, the company said it would be bringing Prettl wholly into its corporate umbrella as a subsidiary, and the 186 million euro ($198 million) acquisition should be completed by the second quarter of this year.
Through the acquisition, FIT said the company is expected to see an additional 350 million to 400 million euros ($371 million to $424 million) in annual sales and boost its gross profit margin, while Prettl’s presence is also expected to allow FIT to add the European market to its global sales map through the German firm’s three core business segments – sensor, connectivity, and electrification specialty components – which are used in EV production.
“The transaction will create synergy by combining Prettl’s high-quality module and component products with FIT’s current system,” FIT Hon Teng said. “Taken together, FIT and Prettl SWH will work hand-in-hand to offer comprehensive EV solutions. Also, Prettl SWH’s global network of manufacturing, sales, and R&D will enable FIT to expand its key EV component strength horizontally.”
StenTech Acquires Advanced Tooling Design, Expands to California
CLEVELAND — StenTech in January acquired fellow stencil and fixture designer Advanced Tooling Design for an undisclosed amount.
ATD designs and manufactures stencils, tooling, fixtures and related accessories used in the electronics assembly industry, with applications across a range of end-markets. Headquartered in San Jose, ATD expands StenTech’s facility footprint into California, the largest market for stencil and pallet manufacturing in the US.
ATD was cofounded in 2009 by Vicki Hamada and Kiet Vo.
“We were looking for a partner who shared our commitment to SMT manufacturing excellence,” said Vicki Hamada, president and CEO, ATD. “A combination with StenTech will carry on ATD’s rich legacy while ensuring our customers continue to benefit from our intense focus on customer service while gaining access to the expanded resources and facility footprint of the broader StenTech platform.”
“This acquisition is an important strategic step forward in the growth and evolution of StenTech. I’m thrilled to be joining forces with the team at ATD,” said Brent Nolan, president and CEO, StenTech.
StenTech is owned by Align Capital Partners, which acquired the stencil maker in May 2022. The transaction marks the first add-on for the company.
ACP managing partner Chris Jones said, “We expect this to be the first of many growth opportunities for Stentech and we look forward to supporting the company through continued investments in technology, sales and operating resources.”
APCT to Buy Advanced Circuits
santa clara, ca — APCT has agreed to purchase Aurora, CO-based PCB maker Advanced Circuits from Compass Diversified for around $220 million.
The deal is expected to be completed in February and is subject to certain working capital and other adjustments. Compass expects to realize a pretax gain on the sale of Advanced Circuits of $100 million to $110 million. Net proceeds will be used to pay off outstanding revolver borrowings.
Advanced Circuits had sales of about $90 million in 2022 and EBIDTA of about 30%, which would make the transaction worth about eight times EBIDTA. The combined company would make APCT competitive with Summit Interconnect for the second-largest PCB fabricator in the US, behind TTM.
“We partnered with John and Jeff Yacoub and the Advanced Circuits management team over sixteen years ago. They have been exceptional partners and friends over that period, and we are proud to have supported them as they built a true industry leader at Advanced Circuits,” Elias Sabo, CEO, Compass Diversified, said in a statement. “We believe our permanent capital structure and the longer holding period it afforded CODI in this partnership helped create significant value for our shareholders. APCT represents the right partner for the company in the next step of its journey and we wish them success.”