This Flanders handles flecks, fleas, flies, fluff, and other airborne flotsam. The company makes air filters under such brand names as Air Seal, Eco-Air, and Precisionaire. Its products include high-efficiency particulate air, known as HEPA, filters used in industrial cleanrooms, as well as standard residential and commercial heating, ventilation, and air-conditioning filters. The company makes most of its sales from aftermarket replacement filters that it sells directly to wholesalers, distributors, and retail outlets. Flanders' customers include The Home Depot, Texas Instruments, and Wal-Mart. Robert Amerson owns 24% of the company, which has agreed to be acquired by an affiliate of Insight Equity Holdings.
Flanders focuses on innovative products that address the technical requirements of maintaining ultra-clean air in residential and commercial settings and that can provide the continuous and complete replacement of "used" air. The company's revenues grew about 10% in 2010 due to increased sales volumes and higher prices. Net sales for its retail product lines posted an increase for the year, while its commercial and industrial sales were flat. Net income swung to a moderate loss for 2010 from a profit the previous year.
In 2012 an affiliate of Insight Equity Holdings, a middle-market private equity firm, announced that it acquiring the company for approximately $192 million excluding fees and expenses. Flanders agreed to the transaction in order to maximize shareholder value.
The deal comes after a 2010 reorganization that included reducing the number of facilities it operates and automating its manufacturing, as well as moving its corporate headquarters from Florida to North Carolina. Also that year it delisted its stock from the NASDAQ exchange and began trading on the Over-The-Counter (OTC) market. The move significantly reduced its financial reporting obligations to the SEC. – less