Solid State PLC Acquires Custom Power
PARK
CITY, Utah, Aug. 11,
2022 /PRNewswire/ -- Elan Growth Partners, LLC
("Elan") announced the closing of its sale of Custom Power, LLC
("Custom Power" or "Company") to Solid State PLC (LSE: SOLI "Solid
State"), an electronics distributor and OEM supplying commercial,
industrial and military markets with ruggedized electronic
components and assemblies. Solid State anticipates broad synergies
from the acquisition, as Custom Power's strategic end markets and
geographic presence enables it to establish a global power group.
Craig Dupper, Managing Partner at Elan, remarked:
"Elan is very pleased with the outcome of its
Custom Power investment. The leadership team performed at every
level. They executed across key functional areas of the business to
expand engineering capabilities, formalize sales, diversify
customers, and upgrade systems and processes. Custom Power is now
uniquely positioned within the domestic competitive
landscape."
Mel Weis, CEO of Custom Power
will lead Custom Power under its new ownership and noted:
"Elan's team brought much more than capital
to our partnership. Their collaborative, and service-oriented
leadership was instrumental in advancing the Company to where it is
today. The combination with Solid State is highly strategic, and
our respective management teams share similar operating
philosophies. I'm excited to be a part of Custom Power's next
chapter."
Elan's investment in Custom Power was supported by CVF Capital
Partners ("CVF"), an equity co-investment partner and subordinated
debt provider. Jose Blanco, Managing
Partner at CVF commented:
"CVF's strategy is to support highly capable
management teams, independent sponsors and deal partners with the
ability to lead, execute and deliver results. Our partners at Elan
were hands-on from investment close to exit, and Custom Power's
management team drove operational enhancements and exceeded
expectations."
About Elan
Headquartered in Park City,
Utah, with an office in Orange
County, California, Elan invests in companies that aspire to
accelerate growth and enhance enterprise value. Elan actively
mentors its partners and collaboratively tailors solutions for
succession planning, family-owned business transitions, and
accelerated growth. Investing $5-25
million of equity, Elan helps businesses evolve to the next level.
See www.elangrowth.com.
About Custom Power
Based in Orange County, CA,
Custom Power designs and develops complex battery systems. By
focusing on "what's next" for customers' advancing power needs, the
Company is a leader in engineering and manufacturing highly
customized, mission-critical power solutions. See
www.custompower.com.
About Solid State
Solid State PLC (LSE: SOLI), through its five principal trading
companies in the United Kingdom,
specializes in industrial and ruggedized computing, displays,
battery power solutions, communications, imaging technologies, and
electrical and electronic components. See
www.solidstateplc.com.
About CVF
CVF Capital Partners was established in 2005 to finance later
stage growth and buyouts through mezzanine and preferred equity
investments and manages over $385
million in committed capital. The fund has offices in
Davis, CA and San Diego, CA. For more information, please
visit www.cvfcapitalpartners.com.
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SOURCE Elan Growth Partners, LLC