Flanders Corporation, one of the largest manufacturers of air filters, air handling and containment systems, and related products in North America, announced the completion of its acquisition through merger by an affiliate of Insight Equity Holdings LLC (Insight Equity), a middle-market private equity firm. The transaction was previously announced on March 19, 2012.
The transaction was approved by the company”s shareholders at a special meeting held on April 27, 2012, with approximately 97 percent of the voted shares and 83.7 percent of the company”s total outstanding shares of common stock as of the record date voting to approve the merger. Under the terms of the merger agreement, the company”s shareholders will receive $4.40 in cash for each share of the company”s common stock that they held. The company”s common stock ceased trading on the OTC/QX and was delisted as of the close of markets on May 16, 2012.
Harry Smith, who will remain the Chief Executive Officer of Flanders, said the company looks forward to increasing levels of customer service, brand positioning, and overall market leadership with its new partner Insight Equity.
Brad Buser, a vice president of Insight Equity said the Flanders management team”s dedication to growing their business through customer service and value-added products is a key reason for Insight”s interest in Flanders. “We believe our hands-on collaborative approach will allow us to complement the team in several areas, including the sourcing of raw materials, which will bring additional value to Flanders and its customers,” he said in a prepared statement.