Flex completes acquisition of Anord Mardix
Flex has completed the previously reported USD 540 million acquisition of power solutions provider, Anord Mardix, from private equity firm Bertram Capital.
The acquisition aims to strengthen Flex’s Industrial business, adding to the company's portfolio of power solutions and expanding Flex's offerings in the data center market. “We are excited to complete this transaction and welcome the Anord Mardix team to Flex,” says Revathi Advaithi, CEO of Flex in a press release. “This transaction advances Flex’s shift toward higher margin lines of business and meaningfully strengthens our ability to offer leading data center power solutions for new and existing customers around the world.” Anord Mardix is expected to generate revenues of about USD 360 million in calendar year 2021, and the transaction is expected to be accretive to adjusted earnings per share and deliver mid-teens EBITDA margins in fiscal year 2023, which begins April 1, 2022.