Flanders shareholders will receive US$4.40 per share in cash for each share of Flanders’ common stock.
The Flanders board of directors has unanimously approved the transaction and will recommend that Flanders’ shareholders adopt the agreement.
Harry Smith, Flanders CEO and chairman of the company’s board of directors, said: “I am very pleased with the accomplishments that our leadership team and employees have made over the last several years creating a strong market presence with leading brands and unwavering customer commitment. This transaction allows all of our shareholders to realise the value created.”
Brad Buser, a vice president of Insight Equity, said: “We are excited to invest behind this talented management team in pursuit of Flanders’ vision for continued product and service innovations in key markets.”