Redditch-based Solid State plc, the AIM listed manufacturer of computing, power and communications products, and distributor of electronic components, has bought Pangbourne-headquartered Pacer Technologies Limited for £3.73 million. The consideration is being settled out of the Group’s existing resources and new banking facilities provided by Lloyds Bank plc.
Pacer is well established in the specialist markets of optoelectronics and displays. Solid State says the Acquisition significantly enhances its exposure to the niche medical sector and will enable the enlarged Group to further design and manufacture own brand products for distribution using Pacer’s recent investment in a new production facility in Weymouth
For the year ended 31 March 2018, Pacer reported revenue of £15.2 million.
Solid State plc serves niche markets in oil and gas production, medical, construction, security, military and field maintenance and acts as both a component supplier to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.
Headquartered in Redditch, Solid State employs over 200 staff across the UK with a sales office in the USA. The company was was established in 1971 and admitted to AIM in June 1996.
Gary Marsh, Chief Executive of Solid State, said: “Pacer is a company that we have known and admired for many years. Their expertise and product set are complementary to the existing Solid State Group, with the added benefit of enhancing the value added operations and increasing exposure to high growth markets such as the medical sector. In addition, Pacer has an established US business which provides the Group with an opportunity to further develop its US activities.
“The two businesses share many cultural similarities, including the specialist sales force approach, which means that client design teams are talking to like-minded engineers.
“We look forward to welcoming the Pacer team to Solid State where we believe they will further grow as part of the enlarged Group.”