9. jan 2008
The shareholders of Sonion A/S today announced that they have entered into an agreement with Technitrol (NYSE:TNL) to sell 100% of the shares in Sonion A/S. Technitrol, a US publicly listed company, is a worldwide producer of electronic components, electrical contacts and other precision engineered parts. Sonion will become part of Technitrol’s Electronic Components business. The transaction is subject to the relevant regulatory clearances.
Over the past 8 years Sonion has successfully grown its revenues by 13% p.a. from USD 67 million to approximately USD 180 million in 2007. Over the same period EBITDA has more than doubled and the number of employees is expanded from 1,100 to 4,900.
Sonion (then Microtronic) was acquired in April 2000 by Nordic Capital Fund III, Polaris, Intermediate Capital Group, Erhvervsinvest Nord and Management. One month later, Sonion acquired Kirk Acoustics, a leading supplier of microacoustic components to mobile handsets. Together, Microtronic and Kirk Acoustics formed a globally leading supplier of microacoustic components to hearing instruments and mobile handsets. Since then, the company has undergone a tremendous transition. Over the past eight years, Sonion has successfully executed its strategy, positioning the company as an innovation leader and with the industry’s most cost efficient supply chain. Sonion has introduced truly ground breaking innovations while relocating production from Denmark and the Netherlands to Poland, China and Vietnam.
Technitrol is a US publicly listed company with adjacent business activities within electronic components. Sonion’s hearing instrument component business will become a separate product division of Technitrol’s Electronic Components business, while the mobile terminal component business will be integrated with Technitrol’s existing Wireless Device Products division with a worldwide leading position in antennas for mobile terminals.
“We are excited about the prospects of becoming part of Technitrol. Sonion has come a long way over the past eight years, and we now look into attractive new opportunities that we believe are better realized inside the Technitrol group. Technitrol has a broad experience within electronic components, and we are currently in the process of expanding our business into adjacent markets. In this process, we see great benefits from leveraging the extended market reach offered by a large industrial player such as Technitrol. Further, Technitrol has a proven excellence in managing cost efficient supply chains – a cornerstone in our strategy”, says Peter U. Scheel, President & CEO Sonion.
"With the large number of highly innovative products and the production setup in China and Vietnam we find that Sonion is well positioned for sales and earnings growth in the coming years”, says Niels Worning, Partner, Polaris Private Equity.
“We would like to express our great satisfaction with the past eight years of ownership of Sonion. With the ongoing production relocation to Vietnam approaching its completion, the shareholders found it a natural time to pass on the company to a new owner. In our investigation of potential partners, we found Technitrol to be a good match for Sonion, and we are therefore pleased that we have been able to reach an agreement. We believe that Technitrol is well placed to support Sonion‘s continued expansion of its business”, says Kent Stevens Larsen, Senior Director, Nordic Capital.
About Sonion:Sonion is a global leader in the development, manufacturing and sale of advanced micro acoustical and micro mechanical components and solutions. The company is a B2B provider for global manufacturers of hearing instruments, mobile handsets, headsets, earphones, and medical devices. Sonion employs approximately 4,900 people in Denmark, Poland, the Netherlands, USA, China, and Vietnam.
www.sonion.com About Nordic CapitalNordic Capital is a group of private equity funds focusing primarily on investments in the Nordic region. Nordic Capital creates value in its investments through committed ownership and by targeting strategic development and operational improvements. Founded in 1989, Nordic Capital was one of the private equity pioneers in northern Europe and has invested in a large number of Nordic based companies operating in different sectors. Nordic Capital’s latest fund, Nordic Capital Fund VI, has EUR 1,900 million in committed capital provided by Nordic and international institutional investors.
www.nordiccapital.com About PolarisPolaris Private Equity is a private equity fund investing in mature small and medium-sized businesses in Denmark and Sweden, companies that have sound development potential and revenue of EUR 20-25m or more. Polaris has invested in 16 businesses to date, eight of which have been resold with satisfactory returns. Polaris has also made a number of additional investments in its portfolio companies.
The first Polaris fund of EUR 210 million is fully invested; the second fund, Polaris Private Equity II, has capital commitments of EUR 270 million and is currently being invested.
www.polarisequity.dk For further information please contact:Peter U. Scheel
President & CEO
Sonion
Phone: +45 46 30 66 95
ps@sonion.comKent Stevens Larsen
Senior Director
Nordic Capital
Phone: +45 33 44 77 50
kent.stevenslarsen@nordiccapital.com Niels Worning
Partner
Polaris Management
Phone: +45 35 25 34 57
nw@polarisequity.dk 
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