MicroCapClub · Nov 3, 2026 · 31m · 24m saved
With Brad Bourne, President and CEO of Firan Technology Group (FTG)
Photo via FTG
Firan Technology Group was worth about $6 million when Brad Bourne, President and CEO of the Canadian aerospace and defense circuit-board maker, took control with the Butler family, and is worth about $850 million now, Jeff Tory noted on MicroCapClub. Many small companies grow by issuing shares. Brad said FTG has funded 10 or 11 acquisitions and new plants almost entirely with cash and debt.
"Over my 25 years at FTG, I think we've raised $8 million through equity; everything else is either cash or debt that we paid off." — Brad Bourne
Brad joined a business its own parent had written off, missed payroll once in the early years, and personally owns about 11% of the company today. Jeff, Chair of Pembroke Management, disclosed that his firm is also a shareholder.
The full interview is covered here so you can skip it. 31 minutes of audio, 7 minutes of reading.
Here are the 8 lessons that matter.
Key Takeaways
FTG's market value rose from about $6 million to about $850 million under Brad, roughly 140 times
Brad joined a business its parent had already listed as a discontinued operation
FTG's boards cost about 10x Asian consumer boards and still win, because aerospace customers qualify suppliers for years
FTG makes 16 boards for every Boeing 787
Shipping with two customs codes per packing slip keeps FTG's civil aircraft parts out of Canada's 50% tariff on circuit boards
Every acquisition must clear a 15% return, whatever it does to FTG's trading multiple
Trained people, not machines, cap FTG's growth
New hires take about six months to become fully productive
1. A $6M Company Worth $850M
Jeff Tory, Chair of Pembroke Management, interviewed Brad on October 27, 2026 at Planet MicroCap Toronto. He opened by saying Pembroke owns FTG shares and wishes it had bought earlier, and framed the talk around what great small-company CEOs share: discipline in spending capital, values around people and acquisitions, and patient investors.
When Brad and the Butler family took control, FTG's market value was about $6 million, Jeff said. It is now about $850 million, roughly 140 times higher.
Brad Bourne owns about 11% of FTG and says he bought in because of its management
"I own 11% of the company... I invested because I believed in the management." — Brad Bourne
