Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, announced that the Company has entered into an asset purchase agreement (the “Agreement”) with CUI Global Inc. (Nasdaq:CUI), in which CUI will sell the majority of its Power business (the “CUI Power Business”) to Bel for $32.0 million, plus the assumption of certain liabilities and subject to closing working capital adjustments.
Based in Tualatin, Oregon, the CUI Power Business, a division of CUI Global Inc., had TTM sales of approximately $37 million with products and distribution that offer strong opportunities for growth.
Daniel Bernstein, CEO of Bel, said, “The CUI Power Business’ extensive product portfolio and distribution channel fits squarely within our growth strategy. Their product portfolio will round out Bel’s current Power Products offering, allowing us to better address all our customer power needs. In addition, we look forward to utilizing CUI’s success with the electronic catalog distributors throughout the Bel\Cinch product groups and capitalizing on CUI’s enviable strong relationship with these distributors. Electronic Catalog Distributors are playing a vital role in demand creation, and over the past four years this segment has been our fastest growing business. The combination of Bel and the CUI Power Business will substantially strengthen our Power Group and unite complementary capabilities, sales channels and customer relationships.”
As an authorized distributor for Bel, Heilind Asia provides Bel’s products and also value added services. Heilind Asia supports both original equipment and contract manufacturers in all market segments of the electronics industry, stocking products from the industry’s leading manufacturers in 25 component categories, with a particular focus on interconnect, electromechanical, fastener/hardware and sensor products.