Bertram Exits Anord Mardix with Sale to Flex

Rhea-AI Summary

Bertram Capital announced the acquisition of its portfolio company Anord Mardix by Flex (NASDAQ: FLEX) for $540 million in cash. This all-cash transaction enhances Flex's position in the critical power solutions market for data centers and industrial sectors. The deal has received unanimous approval from Flex's Board and is expected to finalize in Q4 2021, pending regulatory conditions. Anord Mardix, based in Kendal, UK, is recognized for its expertise in manufacturing high-value power products and services, catering to major clients across North America, Europe, and Asia.

Positive

• Acquisition of Anord Mardix enhances Flex's market position in critical power solutions.
• All-cash transaction valued at $540 million approved unanimously by Flex's Board.
• Expected closure in Q4 2021 may lead to increased revenue streams.

Negative

• None.

FOSTER CITY, Calif., Oct. 19, 2021 /PRNewswire/ -- Bertram Capital ("Bertram") announced today its portfolio company Anord Mardix has entered into an agreement with Flex (NASDAQ: FLEX), a global diversified manufacturer, pursuant to which Flex will acquire Anord Mardix. Headquartered in Kendal, UK, Anord Mardix is a leading global provider of critical power solutions and services for the data center and industrial markets. The $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.

Anord Mardix serves as a trusted, end-to-end, solutions provider to major data center customers across North America, Europe, and Asia. Customers rely on Anord Mardix for their manufacturing and engineering expertise, technical support, and service capabilities for high value products including switchgear, PDUs & RPPs, databar/busbar, and power monitoring systems amongst other product categories.

"This transaction is the culmination of a true partnership with the Anord Mardix team that drove transformational growth for the business. Together, with the exceptional leadership of CEO James Peacock, we achieved our vision of creating a leading player in the industry," said Kevin Yamashita, Partner at Bertram Capital. "Working closely with the Anord Mardix team, we exceeded our growth plan through transformational acquisitions, organic growth initiatives, and new geographic and operational expansions."

Bertram's value creation strategy, the Bertram High 5^sm, driven by the firm's in-house IT team, Bertram Labs, were critical drivers to the rapid growth and platform expansion realized by Anord Mardix during Bertram's ownership.

"Bertram's experience in the data center sector, combined with a true commitment to partnering with our team, provided the necessary support to help us create a noted leader in the industry," said James Peacock, CEO of Anord Mardix. "Kevin Yamashita and his Industrial team at Bertram provided leadership and strategic contributions that enabled us to become a better business. We eagerly look forward to our next phase of growth in our journey with Flex."

Bertram would like to recognize the Lincoln International team, headed by Sean Bennis, for their leadership on the transaction. Additionally, Harris Williams, led by Eric Logue and Hirschler, led by Andrew Lohman, served as advisors to Bertram on the transaction.

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SOURCE Bertram Capital

FAQ

What is the value of the Flex acquisition of Anord Mardix?

Flex is acquiring Anord Mardix for $540 million in cash.

When is the expected closure date for the Flex and Anord Mardix acquisition?

The acquisition is expected to close in the fourth quarter of 2021, subject to regulatory approval.

How will the acquisition of Anord Mardix impact Flex's business?

The acquisition is anticipated to enhance Flex's position in the critical power solutions market for data centers and industrial sectors.