Amplifon acquires two German retail chains for a total of 86 shops

Retail

Amplifon announced today, July 19, the acquisition of the two German retail chains Focus Hören AG and Die Hörmeister GmbH.

Amplifon acquires two German retail chains for a total of 86 shops

According to the press release these acquisitions perfectly fit Amplifon’s growth strategy aimed at strengthening the company’s market position in the second largest private retail market worldwide: from January 2016 Amplifon acquired 105 shops in Germany increasing the network to a total of 365 stores.

Focus Hören AG operates 62 shops evenly spread throughout the German market; while Die Hörmeister GmbH operates 24 shops, primarily located in northern Germany and with a strong presence in the Hamburg area. The acquisition of Focus Hören AG is expected to be completed on September 1, 2016. Both acquisitions, highly value-accretive, were made at usual market conditions for transactions of comparable size. Both deals are subject to the receipt of customary closing conditions.

Since January 2016, Amplifon has acquired a total of 105 shops in Germany with a total cash-out of approximately 50 million euros. These transactions perfectly fit the Company’s strategy aimed at strengthening Amplifon’s position in core markets with high growth potential.

“With the signing of these two agreements Amplifon continues to accelerate its growth strategy, aimed at expanding the network and strengthening the Company’s position in Germany, the second largest private retail hearing aids market worldwide,” said Enrico Vita, Chief Executive Officer of Amplifon. “Since the beginning of this year we have increased our network in Germany by 105 stores through targeted piecemeal acquisitions enabling us to fully pursue our strategic objectives, while generating significant synergies and value for our shareholders.”

Source: Amplifon