Solomon Closes Technipower Acquisition
Solomon Technologies, Inc. announced that it has completed its acquisition of Technipower LLC, a Danbury, Connecticut-based manufacturer of power supplies and related equipment for the defense, aerospace and commercial sectors. Technipower provides high value added, precision, direct current power supplies and power supply systems for applications where high reliability and ruggedness are critical. Technipower has expertise in magnetics, high density circuit design and systems engineering.
Solomon President Peter W. DeVecchis, Jr., said, "In closing on the Technipower transaction we bring to Solomon a deep reservoir of talent and technology. The combination of Solomon's unique intellectual property with the well-established reputation of Technipower in the power electronics design and manufacturing arena will provide us significant marketplace advantages. The combination should permit us to expand our system product offerings, open new market channels in the defense industry, and bring broadened engineering expertise and an ISO 9000 certified manufacturing facility to Solomon." He continued, "As the first step in our announced plan to grow through acquisition as well as organically, Technipower provides us with a strong foundation for our acquisition activities. We will maintain Technipower's operations in Danbury."
Technipower President Anthony F. Intino commented, "The Technipower team is very excited about integrating its operations with Solomon and expanding the reach of Solomon's intellectual property while continuing our organic growth. We see the combination of Technipower and Solomon as an important first step in Solomon's long term growth strategy and expect the results to be beneficial to both companies' shareholders."
Solomon purchased Technipower for $3 million in convertible redeemable preferred stock, common stock valued at $2.9 million and the assumption of certain liabilities totaling $850,000, including approximately $700,000 outstanding under Technipower's $1.5 million revolving credit facility.