Dundalk-based Anord Mardix acquired in $540m deal

Co Louth-headquartered Anord Mardix has been acquired in a $540 million (€463 million) all-cash deal by Nasdaq-listed Flex.

The Californian company is buying Anord Mardix from private equity firm Bertram Capital. It said the acquisition would add to its portfolio of power products and expands its offerings in the data centre market.

Anord Mardix is a provider of critical power solutions including switchgear, busway, power distribution and modular power systems, along with monitoring solutions and services. It was established in 2018 as a result of a merger between Dundalk-based Anord Control Systems and British rival Mardix.

Hardware

Anord, a provider of hardware to the data centre sector, was bought by Bertram earlier that year in a $48.6 million deal. The company was originally founded by Anthony Nordon in 1969.

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"Anord Mardix primarily markets critical power directly to data centre 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," said James Peacock, who will be managing director of Anord Mardix.

The company is on track to generate $360 million in revenue this year and Flex said it is well positioned for continued growth in the coming years.

Flex said it expects the Anord Mardix transaction to be accretive to adjusted earnings per share (EPS) and to deliver mid-teens ebitda margins in fiscal year 2023.

"This acquisition builds on Flex's previously articulated strategy to move toward higher-margin opportunities in faster-growing verticals in our reliability business," said chief executive Revathi Advaithi.