Flanders acquired by Insight Equity affiliate
Flanders Corporation has been acquired by an affiliate of Insight Equity Holdings.
Contract negotiations between Flanders Corporation and Insight Equity Holdings might have been concluded, as Flanders has announced the closure of the acquisition by one of Insight's affiliates.
Flanders is one of North America's largest air handling, filtering and containment systems manufacturers, while Insight Equity is a private equity firm operating in the middle market.
"As we now open a fresh chapter with our new partner - Insight Equity - we look to increasing our levels of customer service, brand positioning and overall market leadership," Flanders chief executive officer Harry Smith declared.
The deal was announced on March 19th 2012 and then approved by the company's shareholders on April 27th during a special meeting.
Under the conditions outlined in the merger agreement, Flander's shareholders will receive $4.40 (£2.77) for every common stock share held.
Previous acquisitions made by Insight Equity include the purchase of a controlling stake in Indiana-based enterprise Versatile Processing Group.
Posted by Edel Quinn
Source: Flanders press release, May 16th