Intricon Announces Completion of Acquisition by an Affiliate of Altaris Capital Partners
Intricon Corporation has completed its acquisition by funds affiliated with Altaris Capital Partners for $24.25 per share, totaling approximately $241 million. The transaction, initially announced on February 28, 2022, received stockholder approval on May 24, 2022, resulting in Intricon becoming a privately held company. CEO Scott Longval expressed confidence that Altaris will support the company’s growth in micromedical technology. Piper Sandler acted as financial advisor, while various law firms provided legal counsel.
- Acquisition by Altaris enhances growth potential in micromedical technology.
- Privatization could lead to strategic advantages and efficient operations.
- Stock will no longer be traded on NASDAQ, limiting liquidity for former shareholders.
Investment by Altaris Supports Intricon’s Ability to Deliver Innovative Solutions and Service to its Customers
ARDEN HILLS, Minn., May 24, 2022 (GLOBE NEWSWIRE) -- Intricon Corporation (NASDAQ: IIN), an international joint development manufacturer engaged in designing, developing, engineering, manufacturing, and packaging miniature interventional, implantable and body-worn medical devices, today announced the completion of its acquisition by funds affiliated with Altaris Capital Partners, LLC (together with certain affiliated entities, “Altaris”) for
“We are pleased to announce the successful conclusion of our previously announced transaction with Altaris,” said Scott Longval, President and Chief Executive Officer. “Our team has done an outstanding job of advancing our joint development manufacturing capabilities in micromedical technology across a broad range of high growth markets. As we enter the next chapter for our company, we believe that Altaris is the ideal partner to help us further advance our mission.”
Piper Sandler & Co. served as exclusive financial advisor to Intricon and Blank Rome served as legal counsel to Intricon. ArentFox Schiff LLP and Linklaters LLP served as legal counsel to Altaris.
About Altaris Capital Partners, LLC
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in more than 45 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages
About Intricon Corporation
Intricon is a Joint Development Manufacturer that integrates components and assemblies to advance micro-medical technology across a range of device platforms for global customers. Intricon approaches each engagement with an all-in commitment, working with customers every step of the way- from the earliest idea stages to ongoing production - in order to advance program performance and deliver results. With a focus on key device platforms, Intricon helps advance clinical outcomes by always looking ahead with proactive support and resources through integration of its core competencies. Intricon has facilities in the United States, Asia and Europe.
Investor Contact
Leigh Salvo
(415) 937-5404
investorrelations@intricon.com
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