JERSEY CITY, NJ — June 20, 2014 — Bel Fuse Inc. (NASDAQ:BELFA and NASDAQ:BELFB) announced today that it has closed the previously announced acquisition of the Power‑One Solutions business from ABB. Bel acquired the Power Solutions business for approximately $117 million on a cash and debt‑free basis. The business had 2013 revenue of approximately $251 million and employs approximately 2,000 people with manufacturing facilities in Shenzhen, China and Dubnica nad Vahom, Solvakia. The acquisition is expected to be accretive to Bel’s earnings beginning in the second half of 2014.
Power Solutions is a leading provider of high‑efficiency and high‑density power conversion products for server, storage and networking equipment, industrial applications and power systems. Power Solutions offers a premier line of standard, modified‑standard and custom designed AC/DC, DC/DC and other specific power conversion products for a variety of technologies in data centers, telecommunications and industrial applications. Power Solutions has a global sales footprint and a diverse customer base that includes some of the largest corporations and distributors in the world.
Daniel Bernstein, Bel’s President and CEO, said, “The acquisition of Power Solutions is a major step forward in the development of Bel’s power business and the implementation of our strategy to enhance growth and profitability for our shareholders. Since 2009, we have believed that the combination of our two respective power businesses would create a dynamic enterprise capable of competing effectively on a global basis. Bel is excited by the many growth opportunities that will be created by this transaction, and we look forward to building an industry‑leading power business with our new colleagues at Power Solutions.”
Stephens Inc. acted as financial advisor to Bel in this transaction, and KeyBank N.A provided financing.