Copenhagen, July 15, 2014: Sonion, a global leader in micro acoustic technologies for hearing instruments, in-ear earphones and specialty headsets, today announced that Novo A/S (“Novo”), the holding company in Novo Group, has entered into a definitive purchase agreement with Altor Fund III (“Altor”) for all the shares in Sonion. The acquisition enables Sonion to further focus on maturing new technologies, which will help customers, develop even better hearing devices.
Since the acquisition of Sonion by Altor in 2009, Sonion has made significant investments in R&D – doubling the R&D headcount and initiating several long term research initiatives aimed at maturing new technologies to help hearing instrument manufacturers solve some of the key challenges in hearing enhancement and hearing instrument comfort.
“During Altor Fund III’s five year ownership period, Sonion has succeeded in positioning itself as the innovation leader within micro acoustics for hearing instruments" Søren Johansen, Partner at Altor Equity Partners (the investment advisor to the Altor Funds) says. "We are proud of this achievement and are proud to have worked alongside such talented group of people. With Novo on board as the new majority owner Sonion is very well positioned to capitalize on the many exciting growth opportunities that the Company has positioned itself for”.
“We are enthusiastic about working with Novo as a long term owner of Sonion. Novo has a long and successful track-record in managing R&D intensive companies and with their support we will be able to further emphasize our R&D efforts to develop better products for our customers” Jørn Mørkeberg, CEO Sonion says. “The large companies owned by Novo are highly professional, successful and innovative life sciences companies that represent the highest standard in quality, compliance and corporate responsibility, values which are important to both Sonion and our customers”.
Acquiring Sonion, provides Novo a position in the global hearing health industry – an industry which carries a strong Danish heritage, and today has three of the World’s top-6 brands headquartered in Denmark.
“Through Sonion, we look forward to partnering with the World’s hearing instrument manufacturers to continue the development of improved hearing instruments for hearing impaired people around the world” Eivind Kolding, CEO Novo A/S says. Sonion is a leader within its industry, and has a strong Danish heritage, which we are proud to bring back into long-term Danish ownership. We look forward to establishing a strong relationship with Sonion’s experienced management team and invest together in the future success of Sonion and its customers“.
Closing is expected during second half of 2014 following regulatory clearance.