Worcester-based technology manufacturer has acquired London headquartered Active Silicon Limited for an initial consideration of £6.3m, with the legal support of law firm Shakespeare Martineau.
AIM listed manufacturer Solid State plc produces computing, power and communications products, and is a value added supplier of electronic and opto-electronic components. The acquisition of Active Silicon will boost the manufacturer’s product portfolio and enables the enlarged Group to address the growing demand for 3D vision and robotic applications, as well as the increased requirements for embedded machine vision and edge AI computing products. The acquisition also provides scope for the design and manufacture of own brand products and further routes to a global market for the expanded Solid State plc Group.
The initial consideration of £6.3m, which, when adjusted for the cash on the balance sheet, resulted in an effective net initial consideration of approximately £2.7m and has been funded by the Group’s existing cash resources and banking facilities.
Keith Spedding, partner and business transaction and growth specialist at Shakespeare Martineau, advised Solid State plc on the legal aspects of the acquisition, said: “We’ve been working with Solid State plc for more than 10 years, seeing them make multiple deals in that time. It’s great to a see a West Midlands headquartered firm continue to grow and move from strength to strength in the current challenging environment. There are clearly opportunities in the current market for those with strong businesses.”
Established in 1988, Active Silicon designs and manufacturers imaging and embedded vision systems allowing the capture, processing, and transmission of image data in high performance and critical environments. With a longstanding, global customer base, Active Silicon’s products have applications in multiple areas of industry, science, and technology – including advanced manufacturing, life sciences, robotics, medical imaging, security and defence.
Gary Marsh, CEO at Solid State plc, said: “Solid State’s acquisition strategy targets complementary technologies with exposure to structural growth markets. The acquisition of Active Silicon achieves both of these objectives while additionally broadening the capacity for the enlarged Group to increase its range of own brand products and value-added services. This marks the sixth acquisition on which Shakespeare Martineau has advised us. The high quality, pragmatic advice provided by Keith Spedding and his team is very much appreciated.”
London firm Bird & Bird acted for the sellers.