The transaction was approved by Flanders’ shareholders at a special meeting. Under the terms of the merger agreement, Flanders’ shareholders will receive US$4.40 in cash for each share of the company’s common stock that they held.
Flanders’ common stock was delisted from the OTC/QX on 16 May 2012.
Harry Smith, who will remain CEO of Flanders, said: “As we now open a fresh chapter with our new partner, Insight Equity, we look to increasing our levels of customer service, brand positioning and overall market leadership. This is a very exciting time to be with Flanders.”