- Published on 09 February 2016
According to a report posted by Bloomberg on Monday 8th February, HAL Trust is considering selling AudioNova International BV. The hearing aid subsidiary employs more than 2,600 people across 1,300 stores in twelve European countries. 2014 revenues for the Netherlands-based retailer totalled 330 million euros.
The European hearing aid retailer, with such a high number of stores, has apparently attracted enquiries from across the industry with Bloomberg reporting interest from Amplifon SpA, William Demant Holding A/S, Sonova Holding AG and private equity firm EQT Partners AB’s Sivantos AG.
2013 had seen revenues decrease substantially across the AudioNova group; however, 2014 was a better year, with revenues increasing 8.5%. On August 4th 2015 the remaining 24.75% of the German hearing aid retailer GEERS Hörakustik (500 shops in Germany and 100 shops in Poland, Hungary, Russia, Switzerland) was acquired by AudioNova, the completion of the transaction started in 2010.
ABN Amro Group NV is said to be managing the process for HAL, but none of the interested parties are commenting at this moment in time.
As an investment company HAL has controlling and non-controlling interests in numbers subsidiaries across the world, covering a multitude of industries from optical and shipping to horticulture and flight simulation equipment. The Company’s stated strategy is focused on acquiring and holding significant shareholdings in companies, with the objective of increasing long-term shareholder’s value. HAL took an ownership interest in AudioNova in 2001, so time may be up for hearing aid subsidiary?
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