M&A Deal Summary

Solid State Group Acquires Custom Power

On July 18, 2022, Solid State Group acquired electrical equipment company Custom Power from Elan Growth Partners and CVF Capital Partners

Acquisition Highlights
  • This is Solid State Group’s 1st transaction in the Electrical Equipment sector.
  • This is Solid State Group’s 1st transaction in the United States.
  • This is Solid State Group’s 1st transaction in California.

M&A Deal Summary
Date 2022-07-18
Target Custom Power
Sector Electrical Equipment
Buyer(s) Solid State Group
Sellers(s) Elan Growth Partners
CVF Capital Partners
Deal Type Add-on Acquisition

Target

Custom Power

Fountain Valley, California, United States
Custom Power is a manufacturer of highly customized as well as off-the-shelf energy solutions for portable and stationary products used in medical, defense, aerospace, industrial, and green energy markets. Custom Power was founded in 1965 and is based in Fountain Valley, California.

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Buyer(S) 1

Buyer

Solid State Group

Redditch, United Kingdom
Category Company
Founded 1963
Sector Manufacturing
Employees400
Revenue 163M GBP (2024)
DESCRIPTION

Solid State Group is a value-added electronics group supplying commercial, industrial and military markets with durable components, assemblies, and manufactured units for use in specialist and harsh environments. The company has particular expertise in industrial and ruggedized computing, displays, battery power solutions, communications including antennas and secure radio systems, imaging technologies, electrical and electronic components. The Group specializes in complex engineering challenges often requiring design-in support and component sourcing. Serving industries with demands for complex, performance-critical products, the Solid State trading brands have become recognized industry leaders through consistently delivering product quality, high service standards, and comprehensive technical support. Solid State Group was formed in 1963 and is headquartered in Redditch, England.

DEAL STATS #
Overall 1 of 1
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1

Seller(S) 2

SELLER

Elan Growth Partners

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

Elan Growth Partners is a growth-oriented investment firm that targets lower middle-market companies operating in the manufacturing, niche software, business services, and food sectors. The Firm looks to commit $5 to $25 million in profitable Western US-based companies with up to $6 million of EBITDA. Elan Growth Partners was formed in 2018 and is headquartered in Carlsbad, California.

DEAL STATS #
Overall 1 of 1
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-08 Simply NUC

Round Rock, Texas, United States

Simply NUC is a global mini computer OEM. Simply NUC provides custom configured, warrantied, and supported mini PC systems to businesses and consumers as well as end-to-end mini PC project development, custom operating system installations, and mini PC accessories. Simply NUC is based in Round Rock, Texas.

Buy -
SELLER

CVF Capital Partners

Davis, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

CVF Capital Partners is a private investment firm created to provide growth capital for small to mid-sized businesses located in the California Central Valley. CVF looks to commit $3 to $15 million of capital in the form of mezzanine debt to companies with revenues of 5 million, and at least $1 million of cash-flow. CVF funds are generally used to support business expansions, acquisitions, or to refinance. CVF was formed by the principals of Gael Partners. CVF Capital Partners was founded in 2005 and is based in Davis, California.

DEAL STATS #
Overall 16 of 17
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 10 of 10
State (California) 12 of 12
Country (United States) 16 of 17
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-04 LightRiver

Concord, California, United States

LightRiver is a provider of optical, data, and switching products and services for cloud data centers, government, enterprise, and utility sectors. LightRiver was founded in 1998 and is based in Concord, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-08 Molded Devices

Tempe, Arizona, United States

Molded Devices is a manufacturer of custom dip molded, dip-coated, and injection molded parts. MDI specializes in short run, small batch, custom molded products primarily for U.S.-based OEM customers in industrial, medical, and consumer end markets. Molded Devices was founded in 1998 and is based in Tempe, Arizona.

Sell -
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