Altor sells Sonion to Novo

Following the transaction, Novo will support Sonion in developing new technologies.

Altor acquired the company in 2009 via its Altor Fund III, backing its spin out from former parent Pulse Electronics. Since investing, the company has doubled its R&D headcount and launched several long-term research initiatives.

Company
Sonion specialises in producing micro-acoustic technologies for hearing instruments such as in-ear earphone and speciality headsets. Sonion's applications are typically used for hearing instruments but also in high-end in-ear earphones for musicians and electroacoustic communication components for extreme environments.

Its products are developed in Denmark and the Netherlands, and manufactured in Vietnam and the Philippines. Sonion employs 3,200 people globally and in 2013 generated revenues of $154m. The company was founded in 1974 in Roskilde, Denmark.

People
Søren Johansen is a partner at Altor. Jørn Mørkeberg is CEO of Sonion. Eivind Kolding is CEO of Novo.

Advisers
Equity – FIH Partners (Corporate finance); Kromann Reumert (Legal); PwC (Financial due diligence); Valcon (Management due diligence); Latham & Watkins (Legal); ERM (Environmental due diligence).
Vendor – Goldman Sachs (M&A); Bech Bruun (Legal); Deloitte (Financial due diligence); Boston Consulting Group (Management due diligence).

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