Altor Fund III, Stockholm, Sweden, has signed an agreement to acquire the Pulse Medtech Group, Roskilde, Denmark, from Technitrol Inc, Philadelphia, according to a statement released by Altor. Pulse will change its name back to Sonion, and the legal entity will change from present Pulse ApS into Sonion A/S, says the company.
Pulse, a global manufacturer of components for hearing aids and medical devices, produces balanced armature receivers, high-end microphones, and electromechanical components for the hearing aid, high-end audio headset, and medical device markets, says the company. The company employs some 1,700 people in the United States, Denmark, Holland, Poland, and Vietnam. Its 2008 revenues were approximately $127 million, according to Altor.
Pulse Medtech was previously a part of Sonion A/S, which Technitrol acquired in February 2008. Sonion then consisted of two main business units, hearing instrument components and mobile terminal components. 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 says 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 growth opportunities that the company has positioned itself for within the medical device industry, said Denis Viet-Jacobsen, Partner at Altor Equity Partners, in the statement. He adds: 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 products.
The transaction is expected to close within 30 days subject to customary closing conditions, according to the statement.
The Altor funds 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 invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development, and operational improvements, the company says.
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, says the company.