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Anord and Mardix Combined in 2018; Flex Bought Anord Mardix in 2021

Anord Control Systems and Mardix combined in 2018; Flex acquired the resulting Anord Mardix business in 2021. Here’s what changed and what the deal figures mean.
From TheFinanceBase Team2 min to read
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Anord Control Systems and Mardix combined to form Anord-Mardix in 2018. Three years later, Flex bought the combined business from Bertram Capital for an announced $540 million. Anord Mardix is now identified as a Flex company.

What happened, and when?

Date Event What it means
January 2, 2018 Bertram Capital announced that Mardix would join its portfolio company Anord Control Systems to form the Anord-Mardix Group. This was the Anord–Mardix combination, creating a single critical-power business under Bertram Capital’s ownership. Bertram Capital’s announcement
October 18, 2021 Flex announced a definitive agreement to acquire Anord Mardix from Bertram Capital. This was a later acquisition of the already combined company, subject to customary closing conditions including regulatory approval. Flex announced an all-cash transaction valued at $540 million. Flex’s agreement announcement
December 1, 2021 Flex announced completion of the acquisition. Anord Mardix became part of Flex. Flex’s closing announcement

Why do reports give both $540 million and $539 million?

Flex described the 2021 deal as a $540 million all-cash transaction in its announcement. Its FY22 third-quarter Form 10-Q records $539 million in total purchase consideration, after detailing initial consideration net of acquired cash, deferred consideration and working-capital adjustments. The figures reflect different presentations: the rounded announced transaction value and the accounting consideration reported in a financial filing. Flex’s announcement; Flex FY22 Q3 Form 10-Q

What does Anord Mardix make?

Anord Mardix supplies engineered critical-power infrastructure for data centers and other industrial settings. Its documented offerings include switchgear, busway, power distribution, modular power systems, monitoring solutions and services. The company also describes modular plantroom design and customized hyperscale projects. These are business-to-business systems selected and integrated for projects, not ordinary consumer retail equipment. Anord Mardix product information; Anord Mardix solutions information

A historical example of its partner-led sales route came in July 2020, when Schneider Electric announced a North American partnership to offer Anord Mardix DATABAR busway, power distribution units and static transfer switch systems to data-center customers. That announcement documents the partnership at that time; it does not establish current terms or availability. Schneider Electric’s 2020 announcement

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What has changed since Flex bought the business?

Anord Mardix’s current company site identifies it as a Flex company within Flex’s Industrial business unit. Anord Mardix company information

Flex’s 2021 closing announcement projected approximately $360 million in Anord Mardix revenue for calendar year 2021. That was a transaction-era projection, not a current revenue figure. Flex also said it expected the acquisition to be accretive to adjusted earnings per share; that was a forecast at closing, not evidence here of the realized result. Flex’s closing announcement

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In 2025, Flex announced a new 600,000-square-foot site in Bielsko-Biała, Poland, and described European power-product manufacturing capacity as increasing from 616,000 to 1,200,000 square feet. These are capacity figures associated with the announced expansion, not sales or output figures. Flex’s 2025 expansion announcement

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