Solid State plc (SSP.L), a specialist value-added component supplier, announced Friday the acquisition of Q-Par Antennas USA LLC for a maximum consideration of up to $2.0 million.
An initial consideration of $0.5 million is payable on completion, in cash, with an additional $0.5 million paid in the first week of January 2025. A further deferred payment of $0.5 million will be paid out in cash over a two-year period.
Further, earn-out consideration of a further $0.5 million may be payable subject to exceeding certain growth and performance targets.
With the deal, Q-Par will join the Systems division of Solid State.
Q-Par provides antenna systems and related technologies primarily for defence and security applications. It is a long-standing distribution partner of Steatite Antennas in the UK. For the twelve month period to September 30, Q-Par generated total revenues of $2.0 million.
Solid State said the acquisition gives it security of distribution in the US market and approved supplier status for key US defence and security Prime contractors.
The acquisition will be funded from the company's existing cash resources.
Gary Marsh, CEO of Solid State, said, "The acquisition of Q-Par Antennas secures a valuable distribution channel and gives the Group an opportunity to further invest in the medium term growth opportunity in the US markets. As Solid State broadens its footprint and product offering in the US market, locally recognised and accredited sales channels enable scale, particularly into niche markets."
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