Relec’s premium power electronics and display technology will augment Gresham Worldwide’s manufacturing base and product lines while the combination will provide more resources for Relec to grow, enhance offerings and expand access to market sectors for both companies
Scottsdale, AZ November 30, 2020 – Gresham Worldwide, Inc. (“Gresham Worldwide”), a subsidiary of DPW Holdings, Inc. (NYSE American: DPW) a diversified holding company (“DPW,”) announced today that it closed the acquisition of all the outstanding shares of Relec Electronics Ltd. (“Relec”), based in the United Kingdom.
Established in 1978, Relec provides power conversion and display technology solutions in the industrial, rail transportation and emerging electronic market sectors to customers in the UK, Europe, Asia, and the United States. Peter Lappin, Managing Director, and his management team have built a strong business in Wareham, Dorset with two decades of measured growth and profitability. Gresham Worldwide’s UK subsidiary in Salisbury, Gresham Power Electronics Ltd, design, manufacture, and distribute highly reliable power electronics for naval and industrial markets.
“Bringing these operations together significantly increases the Gresham Worldwide footprint in the UK and Europe while broadening its technology portfolio with high-quality power conversion and display product offerings,” said Karen Jay, Managing Director at Gresham Power Electronics Ltd. “The combination of Relec with Gresham Power Electronics provides scale, technical capabilities, and technology solutions to drive growth in the UK and Europe.”
Gresham Power Electronics and Relec will continue operating in the UK as stand-alone businesses, but with a joint management committee comprised of representatives from both operating subsidiaries and the Gresham Worldwide executive team. Peter Lappin will continue to lead Relec as Managing Director and the entire Relec management team has committed to remain with the company.
Peter Lappin said, “Everyone at Relec is looking forward to becoming part of the Gresham Worldwide group. Joining forces will provide Relec with additional resources to offer more value-added services to our blue-chip customer base while increasing sales coverage and market reach for our innovative supply chain partners. Working with other Gresham Worldwide companies will also create opportunities for Relec to increase sales of its innovative power and display technology solutions into defence, marine, aerospace and telecommunications markets.”
Jonathan Read, Gresham Worldwide’s CEO, stated, “Acquiring Relec delivers a strategic and immediately accretive addition from a revenue and earnings basis while also positively expanding technology, engineering, product, sales and management capabilities across the Gresham Worldwide group. It supports our historical customer base, while extending Gresham Power Electronics’ reach into rail, industrial and other markets for durable power solutions and design. Peter and his team are a great addition to our already strong Gresham Power Electronics team in Salisbury. This move demonstrates our commitment to growth in the UK and European markets as part of our overall strategic growth plan which contemplate similar expansions in the U.S., as well as Middle East and Asian markets in the near term.”
“Gresham Worldwide welcomes Peter Lappin and the Relec team, who have built a very successful, well-run company around customer focus, technical expertise, quality products and outstanding service. The Relec culture and approach to business fits very well with the other Gresham Worldwide companies, which focus on delivering bespoke technology solutions of the highest quality and reliability,” stated Timothy V. Long, COO of Gresham Worldwide. “We will move immediately to make engineering, sales and facility resources available to enable Relec to capitalise on near term opportunities to drive business growth.”
“With a strong management team that has translated technical expertise and outstanding customer service into a record of consistent profitability in highly complementary markets, Relec aligns perfectly with our strategy for growing the Gresham Worldwide defence and technology business. We look forward to Gresham Worldwide capitalising on synergies among Relec and other Gresham Worldwide operating subsidiaries to accelerate growth and increased market penetration,” said Milton “Todd” Ault, III, DPW’s CEO and Chairman.
For more information on DPW and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.dpwholdings.com or available at www.sec.gov.
About Gresham Worldwide, Inc.
Gresham Worldwide, Inc., is a provider of high-quality, ultra-reliable bespoke technology solutions for mission-critical applications in the defence, medical and telecommunications verticals. The three component companies under the leadership of CEO, Jonathan Read, and COO, Timothy Long, are Microphase Corporation Inc., Enertec Systems 2001 Ltd. and Gresham Power Electronics Ltd. Each has a wealth of experience serving global defence markets. Gresham Worldwide operates with a global footprint with headquarters in Phoenix, Arizona USA, an office in Washington D.C. and design and operations centres in Shelton, Connecticut USA, Karmiel, Israel, Salisbury, UK, and now Wareham, Dorset UK.
About Gresham Power Electronics Ltd
Gresham Power Electronics Ltd has been designing and manufacturing a variety of best in class power supplies in Salisbury, UK for more than fifty years. The company has a long history of providing highly reliable power conversion and distribution equipment for Navies around the world. Today Gresham Power Electronics offers a great deal more, supporting defence capabilities for Land and Sea systems as well as offering standard, commercial-off-the-shelf and application specific power electronics solutions for a wide range of demanding applications.
About Relec Electronics Ltd
Relec Electronics Ltd was established with the aim of providing specialised power conversion and display products to support professionals in the electronics industry. Relec’s aerospace background means it consistently and meticulously delivers high performance and robust power and display solutions. Relec exerts its utmost effort to customise a product or a feature to achieve optimum performance and service delivery. Relec continues to be guided by this philosophy and currently operates in specific fields, specialising in AC-DC Power Supplies, DC-DC Converters, Displays and EMC Filters.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defence/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW’s headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; www.dpwholdings.com.
Forward-Looking Statements
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.dpwholdings.com.
Contacts:
IR@DPWHoldings.com or 1-888-753-2235
