Australian acquisition accelerates Amplifon's eastern ambitions
retail
Amplifon has announced an agreement to acquire the high-growth Australian hearing care retailer, Bay Audio, which runs a network of over 100 points of sale in high-traffic premiere shopping malls.
The deal is worth around 340m euros. The Italian group, the world's largest hearing aid retailer, had announced during the first week of July that it had taken a 51% stake in a a new joint venture with Shengqiao (Hangzhou) Health Technology Co. Ltd, a chain with 45 shops in the fast-growing Chinese hearing care retail market.
Now Amplifon adds to its gains in the antipodes, having in 2010 bought the New Zealand arm of Bay Audio – Bay Audiology – when its founder Peter Hutson decided to focus on his business in Australia.
Commenting on the sale of Bay Audio, Hutson said; “I am delighted that Bay Audio finds a new home in the Amplifon Group and is reunited with the Bay Audiology business in New Zealand. Both Bay Audio and Amplifon are best-in-class retailers with an extraordinary focus on customer experience and people development. I am confident that, inside Amplifon, Bay Audio will expand the legacy we have built and continue to accelerate its growth trajectory”.
In the financial year closed on May 31st, 2021, despite the impact of the Covid-19 pandemic, Bay Audio posted revenues of around 63 million euros, informed Amplifon. The Bay Audio workforce comprises approximately 500 people.
Amplifon CEO Enrico Vita said: "The combination with Bay Audio’s complementary and innovative business model, its premium positioning as well as its high-growth and profitable financial profile will allow us to create tremendous new opportunities to drive growth and deliver significant value to all stakeholders."
Source: Amplifon
