Bel Fuse Acquires Current Concepts
Bel Fuse Inc. (Jersey City, NJ) announced that it has acquired Current Concepts Inc. (Westborough, MA). Terms of the acquisition were not disclosed. Current Concepts will form the core of the newly formed Bel Power Products Division.
“We acquired Current Concepts and established Bel Power Products specifically to focus on the development of dc/dc power conversion components and modules to support our expanding list of customers in the telecommunications, networking and computing markets. This is an exciting long-term growth opportunity that will allow us to leverage our established manufacturing, packaging and distribution capabilities by offering our customers complementary power products from a supplier they know and trust. The first of Bel's new power products are scheduled for launch later this year," said Daniel Bernstein, president of Bel Fuse. “We expect this acquisition to be accretive to earnings after the first year of operations."
Bel Power Products will be managed by Marshall Miles, who joined the company last year. Miles stated, “We plan to continue to add industry-leading research, design and development talent to Bel Power Products." He added, “We have also recently appointed Dwayne Vasquez, formerly director of sales and marketing for Ericsson Microelectronics to lead our power sales efforts." Miles said that Bel is actively reviewing potential acquisitions and recently retained Needham & Company as financial advisor to the company. Current Concepts was founded by Mark Jutras and Mark Masera to focus on the development of next-generation multi-phase point-of-load DC/DC converters. Jutras and Masera both began their careers at Data General and together have more than 28 years of experience in designing DC/DC converters. Jutras, most recently VP of engineering at Artesyn Technologies, was formerly director of engineering at IPD (now Power-One). Prior to serving as director of engineering at Artesyn Technologies, Masera was engineering manager at IPD. Jutras and Masera will both join Bel at the company's new design center in Westborough, MA.