WH Ireland is delighted to have acted as Nomad and Joint Broker for AIM listed Solid State in respect of their successful £28 million capital raise. The raise comprises of a placing, open offer and Directors’ subscription.
Solid State PLC is a high value add manufacturer and specialist design-in distributor to the electronics industry. The proceeds will be used to part fund the acquisition of Custom Power LLC. The Company has agreed to acquire the entire equity interest in Custom Power for a maximum consideration of $45.0 million.
Gary Marsh, Chief Executive at Solid State commented: “This acquisition is strategically significant to the growth ambitions for Solid State and has been long in the making, following an exhaustive search process where we reviewed nearly 50 potential targets. The timing of the resulting fundraising presented some broader market challenges but really resonated with investors, resulting in an oversubscribed placing, which is a great endorsement. We have worked with WH Ireland since July 2011 and were very pleased with their support as NOMAD and Joint Broker.”
Mike Coe, Director, Corporate Finance at WH Ireland commented: “We are delighted to have supported Solid State in relation to such a significant fundraising and acquisition. Custom Power LLC is transformational for Solid State as it substantially enhances the Group presence in the USA and it represents a step change in the Group’s power business.”