Technology business Smiths Group has made an acquisition through its Smiths Interconnect division, which designs and manufactures electronic components.

Technology business Smiths Group has made an acquisition through its Smiths Interconnect division, which designs and manufactures electronic components.

The purchase of Power Holdings (PDI) is for a total consideration of $235 million (£145.2 million).

US-based PDI is the parent company of the three separate businesses Power Distribution, Marcelco Power Systems and Onyx Power. The businesses produce transfer switches, remote power panels and power monitors used mainly by data centre and alternative energy systems.

Private equity firm Bertram Capital is exiting its investment in the company, which it held through the fund Bertram Growth Capital I.

Philip Bowman, chief executive of London-headquartered Smiths Group, says that the Smiths Interconnect division operates in the US in a ‘highly fragmented’ market and there is opportunity for consolidation.

He adds: ‘PDI is [Smiths Interconnect’s] sixth and largest acquisition in three years, all adhering to our strategic criteria of adding complementary technologies, extending geographic reach or leveraging existing sales networks.

‘This latest transaction expands its range of power quality technologies into new, specialised, high growth markets.’

Despite completing six deals in three years the acquisition is the first for Smiths Interconnect since its April 2010 buy of Interconnect Devices in a transaction worth $185 million.

According to a statement, Smiths Interconnect’s strategy is to build its core technology groups of microwave, connectors and power management, with its recent acquisitions driving this move.

President of Smiths Interconnect, Ralph Phillips, says that the purchase will enable the business to offer ‘technically differentiated systems for products requiring precise power performance’.