- Published on 07 November 2014
EQT VI has entered into an agreement to acquire Siemens Audiology Solutions from Siemens AG together with Santo Holding, the investment vehicle of the German Strüngmann family, as minority co-investor.
Siemens Audiology Solutions is a leading global manufacturer of hearing aids acknowledged for its innovative and high-quality products. R&D has always been a core area for the company having been fostered by Siemens strong technology heritage. The company’s management team will continue to drive future development and growth. The key R&D division is located in Germany and the German organization will continue to play a key role in the company. Since the launch of the highly competitive miconTMproduct platform in 2012, the company has experienced accelerated growth. This is expected to continue based on the successful launch of the binaxTMproduct platform in October 2014. Over the last 12 months the company sold more than three million hearing aids, making a true difference in life for hearing impaired people. In fiscal year 2014 (ending September 30,2014), Siemens Audiology Solutions generated revenues of EUR 693 million.
“Siemens Audiology Solutions has a strong heritage of innovative, high-quality products and we have been particularly impressed with their strong track record over the last couple of years led by CEO Roger Radke and his team. We have followed this company and the industry closely for many years and we believe Siemens Audiology Solutions provides the ideal platform for an entry into this attractive industry. EQT VI is fully committed to supporting the management and employees in taking the company to the next level through EQT’s growth oriented approach and by putting in place a highly relevant industrial board,” says Marcus Brennecke, Partner at EQT Partners, Investment Advisor to EQT VI.
EQT is the leading private equity group in Northern Europe, with portfolio companies in Northern and Eastern Europe, Asia and the US with total sales of more than EUR 25 billion and over 500,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
Siemens Audiology Solutions’ roots go back to 1878, when Werner von Siemens developed a telephone receiver with substantially improved transmission quality. Today, the company is one of the world’s top manufacturers for hearing aids. Siemens Audiology Solutions employ about 5,000 people in more than 25 countries. The international sales department serves customers in another 95 countries. Development is a top priority and this is why the Company can claim to have achieved many “world’s firsts” in the hearing aid history, one of which was the first hearing instrument featuring a wireless system. In 2012 their researchers, in collaboration with the University of Oldenburg, won the German Future Prize (Deutscher Zukunftspreis) for having developed a binaural hearing system that enables hearing aids in both ears to communicate with each other.