Flex to acquire power solutions specialist for $540 million
The electronics manufacturer announces that it has entered into a definitive agreement to acquire Anord Mardix, a supplier of critical power solutions, from private equity firm Bertram Capital.
The USD 540 million all-cash transaction has been unanimously approved by Flex’s board of directors and is expected to close in the fourth quarter of calendar 2021, subject to customary closing conditions, including regulatory approval. The acquisition adds to Flex’s portfolio of Power products and expands the company's offering in the data center market. “This acquisition builds on Flex’s previously articulated strategy to move toward higher margin opportunities in faster growing verticals in our Reliability business,” says Revathi Advaithi, Chief Executive Officer of Flex in a press release. “With Anord Mardix, Flex’s business will be better positioned to capture rising global demand for data center power solutions.” Anord Mardix was established in 2018 as a result of a business combination between Anord Control Systems and Mardix, each with over 50 years of engineering experience. The company offers a product portfolio of critical power solutions including switchgear, busway, power distribution and modular power systems, along with monitoring solutions and services. “Anord Mardix primarily markets critical power directly to data center operators. By joining Flex, we will be able to build out Anord Mardix’s comprehensive range of end-to-end power systems for critical data facilities, leveraging Flex’s expertise and efficiencies in advanced manufacturing and global supply chain. We look forward to being a part of Flex and expanding our abilities to provide quality data center solutions to our customers,” says James Peacock, who will be Managing Director, of Anord Mardix. Anord Mardix is on track to generate approximately USD 360 million in revenue in calendar 2021 and is well positioned for continued growth in the coming years.