Advanced Energy Acquires Excelsys for 15.5 Million Euros
Advanced Energy Industries, Inc. (AEIS) today announced it has acquired Excelsys Holdings Limited, a privately held company based in Cork, Ireland. Excelsys designs and manufactures high efficiency and highly reliable power supplies for a variety of industrial markets. Its modular and user-configurable technology brings new and differentiated capabilities to Advanced Energy's existing product portfolio. This new product line allows Advanced Energy to expand its addressable market – offering new applications and serving a larger worldwide customer base.
"Today's acquisition of Excelsys is part of our ongoing strategy to grow and diversify our industrial business by adding new power products and applications to our robust portfolio," said Yuval Wasserman, President and CEO. "With a complementary platform of electronic power supplies for mission-critical applications, Excelsys joins our Specialty Power organization â"€ increasing our presence in new areas within medical equipment, metrology, lasers and general industrial applications."
"We are excited to join Advanced Energy, a global leader in precision power conversion," said Gary Duffy Excelsys leader and former CEO. "Through the combined companies, our customers will now have access to a host of additional value-added products and services as we work together to expand Advanced Energy's leading, competitive position worldwide and maintain the high levels of reliability and customer service."
Under the terms of the agreement, Advanced Energy has acquired Excelsys in an all-cash transaction for 15.5 million Euros. Excelsys' 2016 audited revenues were 10.2 million Euros and the acquisition is expected to be immediately accretive to earnings. Further transaction terms were not disclosed.