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CVF Capital Partners Exits its Investment in Custom Power

U.K.-based Solid State PLC Expands its U.S. Operations

FOUNTAIN VALLEY, CA (August 15, 2022) – CVF Capital Partners (“CVF”) exited its investment in Custom Power, LLC (“Custom Power” or the "Company”). CVF Capital Partners invested a combination of subordinated debt and equity financing from the Central Valley Fund III in November 2019 to support the Company through a transition from its legacy owners and capitalize on the increasing adoption of complex battery solutions. Solid State PLC (“Solid State”), the acquirer, found Custom Power to be a strong strategic fit to their existing suite of offerings and the acquisition expands their foothold in the US market.

Custom Power is an award-winning designer, assembler, and manufacturer of custom battery-pack assemblies. The company’s customized power-packs are critical components for the aerospace and defense, industrial, healthcare, and security markets. Custom Power utilizes its proprietary technology and highly-skilled engineers to design and assemble safe, high-power, and efficient power-packs that are developed to match the clients’ cutting-edge needs.

CVF supported independent sponsor Elan Growth Partners (“Elan”), in the acquisition of the Company in late 2019. True to their beliefs that investor-management partnership is key, CVF and Elan have worked closely with management to help navigate the complex pre and post-COVID environment.

“We have been very pleased with our partnership with CVF and Elan,” said Mel Weis, CEO of Custom Power. “The team served a crucial role in navigating important strategic and financial decisions. With their support, Custom Power was able to grow throughout this period, designing custom power solutions that address increasingly complex challenges.”

According to Jose Blanco, Managing Partner at CVF Capital Partners, “Mel and the team served as great leaders and partners throughout the last three years. Their dedication and technical expertise allowed us to be comfortable as Custom Power grew into the company it is today. It has been a pleasure working with them and we look forward to seeing their future success within Solid State.”

Craig Dupper, Elan’s Managing Partner noted, “It has been a pleasure to partner with CVF in support of the Custom Power management team over the past three years. Mel and his team worked diligently to expand and diversify their business and continue to build and refine engineering capabilities. We’re excited for their future and wish them continued success as part of Solid State.”

For economic terms of the transaction, please refer to the Solid State public press release here.

About Custom Power

Custom Power is a manufacturer of highly customized as well as off-the-shelf energy solutions for portable and stationary products used in medical, defense, aerospace, industrial, and green energy markets. Since 1965, Custom Power has continued to invest in and acquire the knowledge to design and manufacture the most sophisticated modern battery assemblies. They offer custom design for alkaline, NiMH, NiCd, primary lithium, and the latest lithium-ion or lithium-polymer batteries. For additional information about Custom Power, please visit

About CVF Capital Partners

CVF Capital Partners was established in 2005 to finance later stage growth and buyouts through mezzanine and preferred equity investments and manages over $385 million in committed capital. The fund has offices in Davis, CA and San Diego, CA. It is focused on making investments in growing businesses in the lower middle-market of the Western United States. For more information, please visit

About Elan Growth Partners

Headquartered in Park City, Utah, Elan Growth Partners invests in lower middle market companies operating in the precision manufacturing, niche software, business services, and food sectors that seek to accelerate growth and unlock embedded enterprise value. As an independent sponsor, Elan Growth Partners invests $5-25 million of equity per transaction, helping businesses evolve to the next level. For more information about Elan, please visit

For more information contact:

Jose Blanco Managing Partner Email: Phone: 530-757-7004 ext. 227


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