Bel Fuse To Acquire Majority Stake In Enercon From Fortissimo For Enterprise Value Of $400 Mln

(RTTNews) - Bel Fuse Inc. (BELFA, BELFB) announced that it agreed to acquire a majority stake in Enercon Technologies, Ltd. from Fortissimo Capital based on an enterprise value of $400 million. Bel will acquire an 80% stake upfront for $320 million in cash, plus up to $10 million of potential earnout payments for the 2025-2026 period, with the intent to purchase the remaining 20% by early 2027 based on future EBITDA performance.

Enercon is a supplier of highly engineered power conversion and networking solutions to aerospace and defense markets globally, providing robust and reliable solutions across air, land and sea applications.

Bel Fuse plans to finance the acquisition through a combination of cash on hand and an expansion of its existing credit facility.

The transaction is expected to be completed by the end of 2024.