FLEX LTD. acquires Anord Mardix

FLEX LTD. acquired Anord Mardix for $540 million, a transaction completed in December 2021, structured as all cash.

Anord Mardix operates in Reliability Solutions - Industrial / Critical Power (Data Center), is based in Ireland / UK (Europe-focused), expanding into U.S. and Asian markets, had revenue of about approximately $360 million projected revenue in calendar year 2021. Flex acquired Anord Mardix, a global leader in critical power solutions, from private equity firm Bertram Capital. Anord Mardix was established in 2018 from the combination of Anord Control Systems and Mardix and offers switchgear, busway, power distribution and modular power systems plus monitoring solutions and services. The acquisition expands Flex'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.

Higher-margin critical power exposure to the fast-growing data center market. Combined with Flex's embedded power, server/storage products, racks/enclosures and full systems assembly to accelerate growth in the data center market; expected accretive to adjusted EPS with mid-teens EBITDA margins in FY2023. Industrial business unit inside Flex's Reliability Solutions segment Michael Hartung, CCO, Flex (Goldman Sachs fireside chat): The acquisition of our Anord Mardix business really provided us an entree into the critical power space. It was focused, however, in Europe primarily - low-voltage switchgear, power pods, busways, bus bars - focused around data center.