Catapult secures 9x cash return with sale of Accutronics to NASDAQ listed Ultralife Corporation
Catapult Ventures is delighted to announce the sale of Accutronics Limited to Ultralife Corporation. Catapult invested in Accutronics in September 2009 when it backed the management team who had recently rescued the business from receivership.
Based in Newcastle-under-Lyme, Accutronics is a leading independent designer and manufacturer of smart batteries and charger systems, for high-performance, feature-laden portable and handheld electronic devices. It has a portfolio encompassing custom battery design, development and manufacturing for OEM’s. Accutronics primarily serves the portable medical device market and has a proven track record of delivering products for medical applications as diverse as digital imaging, ventilators, anesthesia, endoscopy, patient monitoring, cardio pulmonary care, oxygen concentration and aspiration.
During the period of Catapult’s involvement with the business both turnover and profit have increased by over 60%. With Catapult’s support the management team stabilised the business and went on to invest in its own range of standard batteries alongside developing its reputation as a leading provider of batteries to the medical device market.
Ed Wass, who led the transaction for Catapult Ventures, comments: “We are delighted that Accutronics has gone from strength to strength. Catapult invested in the company because we recognised that, despite the difficulties it had faced, the underlying fundamentals of the business were sound. We are very proud to have supported them through this successful period of the company’s development and are pleased to have found a supportive partner, in Ultralife Corp, who will ensure the business continues to flourish.”
The transaction has delivered an excellent return for the Catapult Growth Fund with a 9 times cash return.