GN announces divestment of BelAudição
29 June 2023 - 5:50AM
GN announces divestment of BelAudição
Continued execution of new capital plan to strengthen capital
structure and drive growth
Today, GN has signed an agreement to divest
BelAudição, Unipessoal Lda (“BelAudição”) to MCH Private Equity.
BelAudição is the owner of the leading retailer of hearing aid
solutions in Portugal, AudiçãoActiva, with around 50 hearing aid
stores and 2022 revenues of around EUR 35 million and topline
growth of 24%.
MCH Private Equity is an independent private
equity firm based on the Iberian Peninsula with a focus on
investing in companies with high potential in attractive sectors.
Their mission is to support mid-sized businesses in transformation
processes, ranging from the transition of ownership in family-owned
companies to the internationalization and development of organic
and inorganic growth plans.
The transaction demonstrates GN Hearing’s
commitment to its successful strategy of not owning retail and
instead focus on being a key supplier to strong independent hearing
aid dispensers. GN finalized the acquisition of BelAudição – a
long-time GN Hearing customer – in 2022 to facilitate a
generational transition. GN Hearing has, therefore, carefully
considered potential buyers to back the next phase of BelAudição’s
impressive growth journey while securing that GN Hearing remains a
key supplier of hearing aids to the business.
Gitte Aabo, CEO of GN Hearing, says: “We are
very pleased to have found a new strong owner for BelAudição, a
high performing hearing care retailer with an impressive growth
track-record. GN Hearing continues to be fully committed to
BelAudição and hearing aid users across Portugal as a key supplier
of leading hearing aid technology. Together with MCH Private
Equity’s local presence and expertise, BelAudição now has strong
backing to execute their ambitious growth plans to the benefit of
all parties. Further, this divestment is also an important step in
executing GN’s new capital plan to strengthen the capital structure
and continue to drive growth and innovation.”
Andrés Peláez, Senior Partner at MCH, comments:
"MCH's acquisition of BelAudição is a strategic step in our vision
to invest in promising Spanish and Portuguese companies with growth
potential. This acquisition strengthens MCH's position in the
market and reaffirms our commitment to support the development of
companies in key sectors.”
Alantra is serving as exclusive financial
advisor to GN on the transaction. Vieira de Almeida (VdA) and Uría
Menéndez-Proença de Carvalho (UMPC) are serving as legal counsels
to GN and MCH respectively.
Key transaction highlights
The transaction is an important milestone in the newly announced
capital plan to strengthen GN’s capital structure where proceeds
from selected asset disposals amount to DKK 1-2 billion. The
divestment of BelAudição will contribute DKK ~500 million of that
target. The transaction is expected to close in Q3 2023 subject to
MCH Private Equity completing financing and obtaining anti-trust
clearance.
The divestment of BelAudição is not impacting the financial
guidance of GN Hearing.
For further information, please contact:
Investor RelationsAnne Sofie Staunsbæk Veyhe
+45 45 75 85 06Rune Sandager +45 45 75 92 57 Media
Relations Steen Frentz Laursen +45 20 65 34 20
About GN GN brings people
closer through our leading intelligent hearing, audio, video, and
gaming solutions. Inspired by people and driven by innovation, we
deliver technology that enhance the senses of hearing and sight. We
help people with hearing loss overcome real-life challenges,
improve communication and collaboration for businesses, and provide
great experiences for audio and gaming enthusiasts.
GN was founded more than 150 years ago with a vision to connect
the world. Today, inspired by our strong heritage, GN touches more
lives than ever with our unique expertise and the broadest
portfolio of products and services in our history – bringing people
closer to what is important to them.
We market our solutions with the brands Jabra, ReSound,
SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in
100 countries. Founded in 1869, GN Group employs more than 7,500
people and is listed on Nasdaq Copenhagen (GN.CO).
Visit our homepage GN.com - and connect with us on LinkedIn,
Facebook and Twitter
About MCH Private Equity MCH is a private
equity fund set up in 1998. The company manages more than 1.2
billion euros through different funds, being one of the leading
companies in the Spanish market and one of the largest private and
independent private equity groups in Spain. The funds focus their
activity on acquiring significant stakes in companies of relevant
size in the Iberian Peninsula, pioneers in their corresponding
markets and managed by solid professional teams, with the aim of
boosting their growth and internationalization.
MCH is currently investing its fifth fund, having complete
operations in leading companies such as Molecor (development of
molecular orientation technology applied to pressurized water
channeling), Prosur (natural ingredients for the food industry) or
Logalty (digital signature and electronic contracting), among
others.
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