Solid State swoops again with £10m acquisition of multinational firm
Worcester-based technology manufacturer has completed a second acquisition in a matter of days after making a £10m swoop.
AIM listed group, Solid State has bought Crawley-based manufacturer and distributor of electro-mechanical products Willow Technologies, along with its US-based subsidiary,
The deal completes just days after the announcement of Solid State’s acquisition of Active Silicon.
Solid State produces computing, power and communications products, and is a supplier of electronic and opto-electronic components. The acquisition of Willow Technologies complements the Group’s opto-electronic and electronic component supplies capability.
Willow Technologies also brings with it a range of own brand electro-mechanical products under the Durakool brand and a range of glass to metal seals under the Hermaseal brand.
Legal support on the deal came from Shakespeare Martineau.
Gary Marsh, CEO at Solid State, said: “Increasing our range of own brand products and value-added services is a key part of our growth strategy, Willow Technologies Limited will help us meet this objective. This is another exciting milestone in our journey and we are grateful for the on-going advice and support from Keith and the Shakespeare Martineau team.”
Keith Spedding, partner and business transaction and growth specialist at Shakespeare Martineau, said: “This is the seventh acquisition we’ve supported Solid State with. This is another prime example of the current deals market, which is moving at pace and another great example of a highly successful entrepreneurial Midlands business.”