Altor Equity Partners has completed its carveout of Technitrol's Medtech Components Business for $200 million. The investment came out of Altor's third fund, Altor Fund III, which closed last year at just under $300 million. The Medtech Components business makes balanced armature receivers, high-end microphones, and electromechanical devices, which are used in the hearing aid, high-end audio headset, and medical device markets.
Altor's acquisition is only the fourth LBO for $200 million or above completed by private equity investors so far in the second quarter, according to the PitchBook Platform. The largest acquisition is the $900 million deal for BankUnited Financial by The Carlyle Group, W.L. Ross & Co., The Blackstone Group and Centerbridge Capital Partners. The second largest was Irving Place Capital and Oaktree Capital Management's acquisition of Chesapeake. Clearly, the private equity industry is still feeling the effects of the siezed up credit markets as even the first quarter had more completed LBOs over $200 million with a total of six.