Jersey City-based Bel Fuse Inc. announced Monday that it has agreed to acquire the Emerson Network Power Connectivity Solutions business of Emerson Inc. for approximately $98 million.
According to the announcement, the ECS business had approximately $83 million in revenue last year.
"This is Bel's third major acquisition in the past 14 months; all together, these acquisitions will increase our revenue from $283 million, pre-acquisition, to approximately $705 million annually. We are proud that Emerson Inc., ABB Ltd. and TE Connectivity Ltd., have determined in the best interest of their shareholders, customers and employees to entrust these businesses to Bel and we look forward to growing these organizations," Dan Bernstein, Bel's president, said in a prepared statement.
Bel is getting financing from KeyBank National Association that is sufficient to fund the acquisition combined with available liquidity. Needham & Company LLC is serving as the exclusive financial advisor, KeyBanc Capital Markets Inc. is the debt advisor, and DeCotiis, FitzPatrick & Cole LLP is acting as Bel’s legal counsel in the transaction.
The acquisition is expected to close in the second quarter of 2014.