ELAN GROWTH PARTNERS CANCELS INVESTMENT IN CUSTOM POWER

The solid-state automaton acquires a custom power supply

PARK CITY, Utah, August 11, 2022 /PRNewswire/ — Elan Growth Partners, LLC (“Elan”) has announced the closing of its sale of Custom Power, LLC (“Custom Power” or “Company”) to Solid State PLC (LSE: SOLI “Solid State”) , an electronics and OEM distributor supplying the commercial, industrial and military markets with rugged electronic components and assemblies. Solid State anticipates broad synergies from the acquisition, as Custom Power’s strategic end markets and geographic presence allow it to establish a global energy group. Craig Dupper, managing partner at Elan, remarked:

“Elan is very pleased with the outcome of its investment in Custom Power. The management team performed well at all levels. She executed in key functional areas of the business to expand engineering capabilities, formalize sales, diversify customers, and upgrade systems and processes. Custom Power now occupies a unique position in the national competitive landscape.”

Mel WeisCEO of Custom Power will lead Custom Power under new ownership and noted:

“The Elan team has brought much more than capital to our partnership. Their collaborative and service-oriented leadership has been instrumental in advancing the company to where it is today. The combination with Solid State is highly strategic, and our respective leadership teams share similar operating philosophies. I’m excited to be part of the next chapter of Custom Power.”

Elan’s investment in Custom Power was backed by CVF Capital Partners (“CVF”), a co-investment equity partner and provider of subordinated debt. Jose BlancoManaging Partner at CVF commented:

“CVF’s strategy is to support highly capable management teams, independent sponsors and business partners who can lead, execute and deliver results. Our partners at Elan have been involved from close investment to exit , and Custom Power’s leadership team drove operational improvements and exceeded expectations.”

About Elan

Based at Park City, UTwith an office Orange County, California, Elan invests in companies that aspire to accelerate their growth and increase their enterprise value. Elan actively advises its partners and collaboratively tailors solutions for succession planning, family business transitions and accelerated growth. Invest $5-25 million equity, Elan helps companies take it to the next level. See www.elangrowth.com.

About Custom Power

Situated at Orange County, California, Custom Power designs and develops complex battery systems. Focusing on the “next step” to meet growing customer 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 UK, specializes in industrial and rugged 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 fund growth and subsequent buyouts through mezzanine and preferred equity investments and manages over $385 million in committed capital. The fund has offices in Davis, California and San Diego, California. For more information, please visit www.cvfcapitalpartners.com.

SOURCEElan Growth Partners, LLC

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