A tech manufacturing business has expanded its international footprint with the £37.5 million acquisition of a US company.
Redditch-based Solid State has bought out specialist battery pack manufacturer Custom Power which is headquartered in Fountain Valley, California.
The transaction, which is the largest acquisition to date for Solid State, is supporting the firm's aims of expanding its international presence, broadening its product portfolio and adding technical and commercial expertise.
AIM-listed Solid State supplies electronic components, products and technology, primarily designed for applications where safety, performance and reliability are critical.
Custom Power brings additional blue-chip customers to the group's client roster and will enable Solid State to provide support to existing clients looking for help in the US.
The acquisition, which is the 13th carried out by Solid State over the past 20 years, will fast track the Worcestershire outfit's presence within the aerospace and defence sector for battery packs.
Chief financial officer Peter James said: "Making strategic acquisitions has allowed us to provide a more comprehensive offering across our target growth markets where we supply specialist electronic solutions engineered for our customers applications.
"Our 13th and largest acquisition so far brings on board a specialist battery pack manufacturer providing leading battery technology, quality products and services which are essential for our growth ambitions."
As part of the buyout, Lloyds Bank provided a £13 million loan to Solid State.
Relationship director Darren Baker added: "This transaction represents another key growth milestone for Solid State.
"The acquisition complements the group's existing strengths and capabilities, with Custom Power bringing 57 years of specialist battery pack manufacturing solutions to its customers.
"It's been great to support Solid State in this latest acquisitive growth transaction. We look forward to remaining by its side as it takes the next steps on its journey."
