- The all-cash transaction is expected to close in the first quarter of 2021
- The EOS business had trailing twelve-month sales of approximately $15 million
Bel Fuse Inc has announced that the Company has entered into an agreement with EOS Power Panama Inc. to acquire substantially all of the issued and outstanding shares of EOS Power India Private Ltd. This agreement also calls for the assumption of certain liabilities and is subject to closing working capital adjustments.
The EOS business had trailing twelve-month sales of approximately $15 million, and manufactures power products that are well known in the market and the distribution channels.
Daniel Bernstein, CEO of Bel, said “Our strategy to increase Bel’s Power Solution presence in the industrial and medical markets led us to acquire CUI last year and the addition of EOS fits squarely into this plan. EOS has developed a strong line of high-power density and low-profile products with high convection ratings that support these same markets. We have worked with EOS over the past five years in marketing these products, and under our guidance, we are confident that we will be able to increase our revenue within Bel’s distribution partners and customers.
Manufacturing footprint outside of China
He added, “Importantly, this acquisition will allow Bel to extend its manufacturing footprint outside of China through a turnkey operation that has an established local supply chain and onsite technical expertise for design and manufacturing. It will also allow us to better address the fast-growing India market with all Bel products.”
The all-cash transaction is expected to close in the first quarter of 2021. It will be funded with available cash on hand, some or all of which may be sourced from our revolving credit facility.
