Altor Fund III (“Altor”) has signed an agreement to acquire the Pulse Medtech Group (“Pulse Medtech” or the “Company”), a global leading manufacturer of components for hearing aids and medical devices, from Technitrol Inc. (NYSE: TNL) (“Technitrol”).
Pulse MedTech is a global leader in the design of advanced miniature components and solutions for hearing instruments and advanced acoustics. Recently the Company has also successfully diversified its product offerings to include electromechanical components for selected medical devices. Its products include balanced armature receivers, high-end microphones, and electromechanical components for the hearing aid, high end audio headset, and medical device markets.
Founded in 1974, the Company is headquartered in Roskilde, Denmark, and employs approx. 1700 persons in Denmark, Holland, Poland, USA and Vietnam. In 2008 Pulse Medtech revenues were approximately $127 million. Pulse Medtech was previously a part of Sonion A/S (“Sonion”), which Technitrol acquired in February 2008. Sonion then consisted of two main business units: Hearing Instrument Components (“ HIC”) and Mobile Terminal Components (“MTC”). All assets relating to the Sonion MTC business will remain with Technitrol whereas all assets relating to the Sonion HIC business will be acquired by Altor.
“While serving on the Board of Microtronic (HIC) from 1997-2003 I gained deep respect for the technological competences, the unique customer relations and the high quality organisation of the Company. After a period of ownership changes and production relocation to Vietnam, Altor will support the Company in its focus on the hearing instrument industry and capitalize on the many exciting growth opportunities that the Company has positioned itself for within the medical device industry. Through dedicated focus on R&D and product development, Altor will assist management in expanding the Company’s technological leadership further in the coming years and support the continuous development of truly unique products that will help customers to the benefit of hearing instrument users around the World”, said Denis Viet-Jacobsen, Partner at Altor Equity Partners.
The transaction is expected to close within 30 days subject to customary closing conditions.
FIH PARTNERS acted as financial adviser to Altor.
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, “Altor Fund II” with committed capital of EUR 1,150 million and “Altor Fund III”, with committed capital of EUR 2,000 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Altor’s Danish investments are Ferrosan, Aalborg Industries, Euro Cater and Wrist Group. Among the other investments Altor has made, are PaloDEx, Meyn, Byggmax, SPT Group, PIAB, Dustin, Helly Hansen, Northstar, Constructor and Papyrus. Prior investments include ACO Hud AB (divested to Omega Pharma) and Dynapac (divested to Atlas Copco). For more information, please visit altor.com
Based in Philadelphia, Technitrol is a worldwide producer of electronic components, electrical contacts and assemblies and other precision-engineered parts and materials for manufacturers in the wireless and wireline communications, military/aerospace, automotive and electrical equipment industries. For further information, please visit http://www.technitrol.com