09:09 AM EST, 11/14/2024 (MT Newswires) -- Bel Fuse ( BELFA ) said Thursday it completed its acquisition of an 80% stake in Enercon Technologies from Fortissimo Capital, valuing the target company at $400 million.

The company said it paid $320 million upfront for the majority stake, with up to $10 million of potential earnout payments for the period 2025 to 2026. The purchase was funded through $80 million in cash and an additional $240 million from its revolving credit line, Bel added.

The acquisition expands Bel's reach in the aerospace and defense markets and supports its manufacturing presence in the US, Israel, and India, the company said.

Bel also said it plans to acquire the remaining 20% stake by early 2027, contingent on future earnings before interest, taxes, depreciation, and amortization performance.