Solid State Plc enters agreement to acquire battery pack manufacturer Custom Power LLC
July 18 2022 - 11:19AM
Solid State Plc (AIM:SOLI), the specialist value added component
supplier and design-in manufacturer of computing, power and
communications products, announces that it has entered into a
conditional agreement to acquire Custom Power LLC for a maximum
consideration of $45.0m. Custom Power is a battery systems
manufacturer and energy solutions provider based near Los Angeles
in the United States of America.
Commenting on the acquisition, Solid State Plc CEO
Gary Marsh said: “After lengthy negotiations, we are delighted to
be able to announce this very exciting news. This will be Solid
State’s largest acquisition to date and brings huge benefits to the
group as well as to Custom Power.”
Solid State’s strategy for expansion, through both
organic growth and highly targeted acquisitions, is providing
increased scale to the group’s capabilities in addition to
providing access to lucrative markets that have historically had
high barriers to entry.
The acquisition of Custom Power further builds upon
this by bringing many benefits that are highly complementary to the
group and in-line with the group’s strategic aims to
internationalise the business, further develop its “our brand”
product portfolio, broaden its complimentary product portfolio, and
invest in developing its talent. In particular, the move will bring
new and increased capabilities to the group’s power business,
specifically within the defence, medical and industrial
markets.
Mel Weis, CEO of Custom Power, commented: “This is
an exciting move that will combine the battery power capabilities
of Custom Power with those of Solid State Plc. allowing our
customers access to highly customised power solutions on an
international level. Both businesses are leaders in this field and
together they will benefit from increased reach, resource and
expertise. We are very much looking forward to joining the Solid
State family and the opportunities that the increased scale will
bring.”
Adam Woolley
Solid State PLC
adam.woolley@steatite.co.uk
Solid State (LSE:SOLI)
Historical Stock Chart
From Apr 2024 to May 2024
Solid State (LSE:SOLI)
Historical Stock Chart
From May 2023 to May 2024