Nov 3, 2026 · 31 min
FTG turns aerospace specialization into a growth engine
From 30¢ to $30+: How Brad Bourne Built FTG Into a Defence Winner
FTG’s story shows how ownership, certification barriers, customer relationships, and cash-funded expansion can compound in a specialized industrial business.
- 1FTG built a defensible aerospace and defense position through certifications, quality requirements, and deep customer relationships.
- 2Brad Bourne emphasizes insider ownership, cost discipline, and internally generated cash over repeated equity issuance.
- 3Rapid growth is now constrained less by equipment than by recruiting, training, and developing a larger workforce.
Don't miss
Brad Bourne identifies recruiting, training, and developing employees—especially for later shifts—as the main bottleneck behind FTG’s rapid growth.
The brief
Brad Bourne traces Firan Technology Group from a small aerospace subsidiary into a specialized manufacturer, while Jeffrey Tory frames its rise and discusses his firm’s investment.
The company’s edge is not low-cost production: aerospace and defense certifications, demanding quality standards, and long customer relationships create a moat that consumer-electronics factories cannot easily match.
FTG is expanding in the United States and pursuing deeper European and Airbus exposure, while diversifying across commercial aviation, business jets, helicopters, and military platforms.
Bourne describes a capital-allocation model built on cash generation, debt, and a stable share count, with acquisitions considered when they broaden the company’s reach.
The sharpest constraint is operational: after 30% to 40% growth, recruiting, training, and staffing later shifts matter more than adding equipment capacity.
What was said on this episode
14 statements · 12 positive · 1 negative · 1 neutral
FTG was the only supplier meeting Boeing 787 board requirements and won the work
“Good news, FTG was the only company that met all the requirements. And so we won the work.”
Listen at 12:08
FTG continues building the Boeing 787 circuit board
“I'm still building that board today.”
Listen at 12:17
FTG's aerospace diversification should stabilize revenue because segments cycle independently
“I want to play in all these different market segments because they all go up and down separately, and I want kind of a stable or as stable as I can get revenue stream.”
Listen at 15:39
FTG is benefiting from defense spending without deliberately pivoting toward defense
“Defense is getting the headlines. I am not trying to pivot more into defense. I'm benefiting from defense spending.”
Listen at 15:55
One classified U.S. defense program will involve approximately $100 million in spending
“it turned into something that you know will be $100 million spend. Maybe not all with me, but it's $100 million spend.”
Listen at 16:44
Airbus is currently outperforming Boeing
“Airbus is outperforming Boeing these days, so it's kind of simple as to why I want to do it.”
Listen at 17:36
FTG needs a European footprint to achieve its objectives
“I ultimately believe a footprint in Europe is what I need.”
Listen at 17:51
An acquisition would establish FTG's European presence faster than building a site
“I'm looking at both options right now. I'd love to do the acquisition. It's faster”
Listen at 18:00
Brad benchmarks FTG against Lockheed and Honeywell
“I benchmark against Lockheed. I benchmark against Honeywell.”
Listen at 27:27
TransDigm and HEICO operate in aftermarket businesses with exceptionally high margins
“They play in the aftermarket. They have off-the-scale, great margins.”
Listen at 27:35
Brad wanted FTG to add an aftermarket component
“So I wanted an aftermarket component to have TG.”
Listen at 27:40
Flight lost an average of four million dollars annually for 25 years
“I'm going to say they lost $4 million a year on average for 25 years.”
Listen at 29:53
FTG acquired Flight with 100 million dollars of tax losses
“I got $100 million of tax losses when I bought it.”
Listen at 29:57
Brad's target return on the Flight acquisition was 15 percent
“My goal is 15% return.”
Listen at 30:47
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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