BEL FUSE INC /NJ (BELFA): M&A transaction — Bel Fuse closes $320M acquisition of 80% stake in Enercon Technologies, defense power supplier

BEL FUSE INC /NJ

Cash purchase price $320M plus up to $10M earnout; enterprise value $400M.
Funded by $80M cash on hand and $240M from revolving credit facility; revolver increased to $325M.
Enercon LTM Q3 2024 sales $115M, gross margin 47%; operates as sole supplier in aerospace/defense.
Bel intends to purchase remaining 20% by early 2027 based on future EBITDA performance.
Enercon to operate independently under Bel Power Solutions segment; facilities in Israel, US, India.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

BEL FUSE INC /NJ completed an acquisition involving Enercon Technologies, Ltd., FF3 Holdings, L.P., and the other seller parties signatory to the Purchase Agreement for $320 million (subject to customary adjustments), plus up to $10 million in potential earnout payments (closed 2024-11-14).

Action: acquisition
Counterparty: Enercon Technologies, Ltd., FF3 Holdings, L.P., and the other seller parties signatory to the Purchase Agreement
Consideration: $320 million (subject to customary adjustments), plus up to $10 million in potential earnout payments
Closing: 2024-11-14

Exact text from the filing

on the Closing Date, Bel acquired from the Sellers 80% of the issued and outstanding share capital of Enercon on a fully-diluted basis for (i) a cash purchase price of $320 million (subject to customary adjustments), plus (ii) up to $10 million in potential earnout payments for the 2025-2026 period (the “ Earnout Payments ”), as further described below.

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Source: SEC EDGAR

accession 0001437749-24-035846

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