Micro Power Electronics announced that Weston Presidio has acquired the company from Sierra Ventures and Palisades Ventures. Micro Power currently focuses on battery subsystems market for automatic external defibrillators (AEDs), claiming over 70 percent of that fast growing business.
"We are pleased to announce a transaction that has generated significant value for Micro Power shareholders while strengthening Micro Power's ability to continue its national expansion and strengthen service offerings through acquisition or internal development," said Greg Love, President and CEO of Micro Power. "Weston Presidio has demonstrated an in-depth understanding of our business, and will be valuable advisors as we expand our customer base of medical and military equipment manufacturers."
"Weston Presidio's acquisition of Micro Power provides a great opportunity for us to broaden and diversify our portfolio into the portable power and medical electronics markets," said James McElwee, Partner of Weston Presidio. "We are confident that Micro Power's seasoned and committed management team will leverage this investment to further its lead in the portable power market."
"Micro Power has been one of the highest performing and best managed companies in the Sierra Ventures portfolio," said Jeff Drazan, former Chairman of Micro Power and Managing Director of Sierra Ventures. "We were fortunate to have had the opportunity to work with an outstanding management team, without which Micro Power would not have distinguished itself as the market leader for portable power."