A national private-equity group is buying medical device maker Intricon Corp. in Arden Hills for about $241 million.
An affiliate of New York-based Altaris Capital Partners will buy Intricon for $24.25 per share, the companies announced Monday.
Intricon makes "micromedical" components, catheters and wearable medical devices for Medtronic and other manufacturers. It also has developed technology for over-the-counter hearing aids.
"We are excited to enter into this transaction with Altaris, which will deliver a compelling valuation to our shareholders and enable us to accelerate the advancement of our joint development manufacturing capabilities in micromedical technology across a broad range of high growth markets," Scott Longval, Intricon's CEO, said in a statement.
Altaris, which focuses its investments on the health care industry, has other Minnesota connections. It has been an investor in St. Paul-based Minnetronix Medical since 2015 and became the majority owner through a recapitalization in 2021.
It is possible that other buyers could step forward. Under the agreement, Intricon can solicit proposals from other parties through April 3 and in certain cases through April 13. Minneapolis-based Piper Sandler is Intricon's financial adviser for the transaction.
Intricon on Monday also reported a net loss of $64,000 for its fiscal year, compared with a $2.5 million loss last year. Revenue rose 21.8% to $125.2 million for the year.
Intricon has three Minnesota manufacturing facilities — two in Arden Hills and one in Vadnais Heights — and also has offices and operations in Singapore, Indonesia and Germany.
