Bel Fuse Inc., a Jersey City-based supplier of electronic circuit products, announced Monday it has entered into an asset purchase agreement to buy the majority of CUI Global Inc.‘s Power Business for $32 million.
“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,” Bel Fuse CEO Daniel Bernstein said.
Based in Tualatin, Oregon, CUI’s Power Business had sales over the past 12 months of $37 million.
“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,” he said.
The deal is expected to close in the fourth quarter of 2019.
