GN signed an agreement to divest Portuguese hearing aid retailer 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.
“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,” said Gitte Aabo, CEO of GN Hearing. “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.”
“MCH’s acquisition of BelAudição is a strategic step in our vision to invest in promising Spanish and Portuguese companies with growth potential,” said Andrés Peláez, senior partner at MCH. “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.