Amplifon hears everything

Amplifon hears everythingItalian hearing solutions company Amplifon has acquired 100 per cent of Catalan company Gaes for 528 million euros.

Amplifon is a global leader for hearing care in the retail sector with more than 14,000 employees and over 10,000 points of sale in 21 countries across five continents.

For its part, the Spanish company has a staff of 1,800 employees and 600 points of sale located in Spain, Portugal, Andorra, Argentina, Chile, Ecuador, Panama, Colombia and Mexico.

This announcement will see Amplifon become a world leader in hearing centres, while it will also allow Gaes to consolidate its presence in Latin America.

Gaes is owned by the Gassó family, and they said that their company’s integration into Amplifon will allow them to boost the internationalization process which they launched in the past few years.

Their company is focused on the business of hearing aids and cochlear implants and last year’s income came in at 210 million euros.

Consolidation

CEO of the brand, and CEO of Gaes, Antonio Gassó said, ‘We are very pleased with this agreement, which allows us to be part of a leading international group with a long history and a solid business strategy, which will allow us to consolidate the Gaes brand.”

Amplifon’s chief executive Enrico Vita said the acquisition represented a ‘key milestone’ for the company as part of its growth strategy as it consolidates its position in the global market. He said, ‘[We will now be] leaders in Spain, as well as strengthening our presence in Portugal and entering the Latin American region.

‘The addition of the profitable business of Gaes, the benefits of a larger scale and the solid financial profile, will allow us to move forward successfully in our development plans.’

Solid foundation

The CEO of Amplifon added, ‘[The transaction] will also create tremendous opportunities to boost growth, seeking excellence and innovation in the experience of the customer while providing significant value for shareholders.’

Despite the acquisition of Gaes by Amplifon, the Catalan company will keep the Gaes Solidaria Foundation active, whose motto is, ‘Good hearing is a right and is without frontiers.’

It states that its mission ‘is to provide opportunities for people with hearing loss who don’t have economic resources, so that they can develop their language and communication skills.’

For more information, please contact corporate law firm Argali Abogados

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