IntriCon Corporation (NASDAQ:IIN), a designer, developer, manufacturer and distributor of body-worn medical and electronics devices, today announced that it has completed the previously announced divestiture of its non-core electronics business, Anaheim, Calif.-based RTI Electronics, Inc. IntriCon has sold the business to an affiliate of Shackleton Equity Partners, a Los Angeles-based private equity group. Financial terms of the deal were not disclosed.
“Completing the divestiture allows us to devote more resources and capital to our core body-worn device business. We have now positioned ourselves a 'pure play' in body-worn technology, which we believe will appeal to a wider range of investors.”
"We are very pleased to have found an excellent ownership group to take over RTI Electronics and retain our skilled and dedicated group of electronics employees," said Mark S. Gorder, president and chief executive officer at IntriCon. "Completing the divestiture allows us to devote more resources and capital to our core body-worn device business. We have now positioned ourselves a 'pure play' in body-worn technology, which we believe will appeal to a wider range of investors."
IntriCon had previously disclosed its plan to divest RTI Electronics, and results of operations for the business have been reported in discontinued operations since the fourth quarter of fiscal 2009. Sargent Advisors LLC of Minneapolis, Minn., advised IntriCon on the transaction.
"RTI Electronics is the established leader in manufacturing high-quality thermistor, film capacitor and magnetic passive electronic components," said Mark Schelbert, managing partner of Shackleton Equity Partners. "Through our commitment to maintaining quality and our focus on new product development, we intend to serve the loyal customer base of RTI Electronics, while expanding our reach globally."
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