EP2 has over 35 years of experience in designing, integrating, and manufacturing highly engineered control and relay panels, as well as modular integrated control buildings for utility, power generation, and industrial customers. The company serves a diverse set of longstanding clients and operates a significant manufacturing facility in Des Moines, Iowa.
Revathi Advaithi, CEO of Flex, stated, "The addition of EP2 expands our capabilities to play a larger role in modernizing the electrical backbone of the U.S., while broadening the portfolio of critical power technologies we can offer our customers. As utilities operators navigate unprecedented demand and complexity, EP2's engineered-to-order expertise and customer-centric approach will strengthen our ability to deliver dependable, scalable, and innovative power solutions."
Tim O'Donnell, President of EP2, added, "This agreement positions EP2 to accelerate growth while continuing our customer-focused, engineering-driven culture. Flex's scale, global capabilities, and commitment to investment support long-term opportunities for our employees and customers. We look forward to joining Flex and building on our momentum."
The acquisition complements and expands Flex's exposure to high-growth, margin-accretive end markets shaped by long-term trends such as grid modernization, electrification, data center buildout, and U.S. reshoring. It broadens the Critical Power portfolio, deepens Flex's utility presence, and enhances engineered-to-order power distribution and control capabilities. EP2 is expected to generate approximately $323 million in revenue for the fiscal year ending March 31, 2026, with anticipated double-digit organic growth and a mid to high-teens adjusted EBITDA margin profile. The transaction is expected to close in the first quarter of Flex's fiscal year 2027, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act.
