14th January 2016

Intrinsic led the investment in Accutronics in September 2009 when the assets and trade were acquired out of administration, saving 47 jobs in Newcastle under Lyme. The business was acquired on 13th January by US based Ultralife Corporation (NASDAQ: ULBI) for £7.6m, representing over a 30 times cash return.

Accutronics is a leading independent designer and manufacturer of smart batteries and charger systems, for high-performance, feature-laden portable devices. Its principle customers are European based medical device OEMs who are supplied rechargeable batteries and chargers for medical applications as diverse as digital imaging, ventilators, patient monitoring, cardio pulmonary care and oxygen concentration. 

James Grenfell, who led the transformation and joined the board in 2009, commented “During the six years of our investment we have actively helped the business to double in size, invested over £1m in R&D and developed its reputation as a leading provider of battery solutions to the medical device market.  We are very pleased to have found Ultralife Corp, who will carry on the work we started and ensure the business continues to flourish.”

Ultralife's President and Chief Executive Officer Michael D. Popielec, said.  “Acquiring Accutronics advances our strategy of commercial revenue diversification and expands our geographic reach within European OEM’s. With industry experts predicting mid to high single digit growth in the global medical batteries market, this strategic investment positions Ultralife well for further penetration of and growing revenue streams from attractive commercial markets.”

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