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O’Melveny Represents Custom Power in its Sale from Elan Growth Partners to Solid State

August 12, 2022

FOR IMMEDIATE RELEASE

SILICON VALLEY—August 12, 2022—O’Melveny advised Custom Power, LLC, a leader in engineering and manufacturing highly customized, mission-critical power solutions, in its sale from investment firm Elan Growth Partners to Solid State PLC, an electronics distributor and original equipment manufacturer (OEM).

The transaction was announced on August 11.

Based in Orange County, CA, Custom Power designs and develops complex battery systems. The company focuses on “what’s next” for customers’ advancing power needs.

Headquartered in Park City, Utah, Elan Growth Partners invests in companies that aspire to accelerate growth and enhance enterprise value. Elan tailors solutions for succession planning, family-owned business transitions, and accelerated growth.

Through its five principal trading companies in the United Kingdom, Solid State PLC specializes in industrial and ruggedized computing, displays, battery power solutions, communications, imaging technologies, and electrical and electronic components

The O’Melveny team advising Custom Power was led by Silicon Valley M&A partner David Makarechian, head of the Firm’s Emerging Technologies Group, and Silicon Valley M&A associate Keith Guo.

About O’Melveny

It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com, hear what our lawyers, staff, and clients have to say in Our DNA video series, or learn more in our firm at-a-glance, annual report, and on LinkedIn, Twitter, Facebook, Instagram, and YouTube.

Contact:

Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com

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Elan issued the following announcement:

ELAN GROWTH PARTNERS EXITS ITS INVESTMENT IN 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.

SOURCE Elan Growth Partners, LLC