Flex Ltd. completed the acquisition of Anord Mardix Inc. from Bertram Capital Management, LLC.
December 01, 2021
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Flex Ltd. (NasdaqGS:FLEX) entered into a definitive agreement to acquire Anord Mardix Inc. from Bertram Capital Management, LLC for $540 million on October 18, 2021. The transaction was an all-cash deal. As a part of acquisition, Anord Mardix will be included in the Industrial business unit inside Flex's Reliability Solutions segment. Post completion of the acquisition, James Peacock, will become Managing Director, of Anord Mardix. The transaction is subject to customary closing conditions, including regulatory approval and has been unanimously approved by Flex's Board of Directors. The transaction is expected to close in the fourth quarter of calendar 2021. As of October 29, 2021, the transaction is expected to close in the third quarter of fiscal year 2022. Flex expects the Anord Mardix transaction to be accretive to adjusted EPS and to deliver mid-teens EBITDA margins in fiscal year 2023, which begins April 1, 2022. Sean Bennis of Lincoln International LLC and Eric Logue of Harris Williams LLC acted as financial advisor to Bertram Capital Management, LLC. Andrew Lohman of Hirschler Fleischer acted as legal advisor to Bertram Capital Management, LLC. Lincoln International LLC acted as lead financial advisor to Anord Mardix. Ernst & Young acted as due diligence provider to ACS Acquisitions, Inc.
Flex Ltd. (NasdaqGS:FLEX) completed the acquisition of Anord Mardix Inc. from Bertram Capital Management, LLC on December 1, 2021.
Flex Ltd. is engaged in providing a portfolio of manufacturing solutions and services. The Company operates through three segments: Flex Agility Solutions (FAS), and Flex Reliability Solutions (FRS). The FAS segment is comprised of various end markets, such as Communications, Enterprise, and Cloud (CEC), including data infrastructure, edge infrastructure and communications infrastructure; Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio; and Consumer Devices, including mobile and high velocity consumer devices. The FRS segment consists of end markets, such as Automotive, including mobility, autonomous, connectivity, electrification, and smart technologies; Health Solutions, including medical devices, medical equipment, and drug delivery; and Industrial, including capital equipment, industrial devices, and renewables and grid edge.