- Published on 24 July 2018
Amplifon has announced that it has signed a definitive agreement for the acquisition of GAES group from the Gassó family and from other minority shareholders.
Amplifon is the global leader in retail hearing care. It has 14,000 associates and a network of more than 10,000 points of sale in 21 countries across five continents.
GAES, founded in 1949 by Juan Gassó Bosch and José María Espoy in Barcelona, is owned by the Gassó family. According to the press release GAES is the largest privately-owned specialty hearing care retailer worldwide, with a leadership positioning in Spain for decades, and the tenth largest hearing aid retail market in the world. The company is also present in Portugal, Andorra, Chile, Argentina, Ecuador, Colombia, Mexico and Panama with a network of around 600 points of sale, of which around 500 are in Spain.
Amplifon's CEO, Enrico Vita, declared: "This important acquisition is a key landmark in the history of our company and fits in perfectly with Amplifon's growth strategy, allowing us to consolidate our leadership worldwide, become leaders in Spain, and consolidate our market position in Portugal, entering too in the region of Latin America. The sum of GAES' profitable business, the benefits of a larger-scale operation, and a solid financial profile will mean our moving forward successfully with the development plans we have recently announced, thus creating immense opportunities to boost growth in search of excellence and innovation in customer experiences, and offering significant value for shareholders. Finally, we are convinced that this deal represents a huge opportunity for the employees and customers of both companies, given that Amplifon and GAES share a long history of quality, service, and maximum attention to the customer."
Antonio Gassó, GAES' CEO and Director General, stated: "We are very satisfied with this agreement, which means we can form part of a leading group on the international sphere, one with a great history and solid business strategy, allowing us to consolidate the GAES brand. Through this deal, we create the GAES of the future, its aim being to accelerate the international expansion of a brand with almost 70 years of history and an important presence in Spanish-speaking markets. We currently boast over 600 points of sale in nine countries. So, with this operation we want to consolidate the position of the GAES brand as a leader in the sector on the international scene."
For Antonio Gassó, one of the key points of the deal, valued at 528m euros, is that it favours "the construction of a solid future for GAES' associates, reinforcing the brand's leadership in Spain and consolidating it in global Spanish-speaking markets, while forming part of a leading international group, which opens up new growth and development opportunities worldwide."
The operation also seeks to maintain GAES' values, with the same sources confirming the continuance of the GAES Foundation, one of the brand's hallmarks and aimed at improving quality of life for persons with hearing loss who lack financial means.
In 2017, GAES recorded revenue of 210m euros and an adjusted EBITDA of approximately 30m euros. Broken down in terms of geographic and sales income, Spain and its hearing aid business represents 87% and 83% respectively of total 2017 sales.
Source: Amplifon, GAES, AudioenPortada