Amplifon buys GAES02 August 2018
It will pay €528 million for the Spanish group, which has over 1,800 employees
The Italian group Amplifon, a specialist in hearing solutions and services, has concluded an agreement for the acquisition of the GAES group, until now owned by the Gassó family and other minority shareholders. The price has been set at €528 million, and the deal will be closed in the fourth quarter of this year.
The purchase by the world's largest retailer in the sector will consolidate Amplifon's position in the market, and increase its market share by 11%.
The deal also supports its growth strategy in Spain, which is the tenth biggest retail market for hearing aids in the world. Moreover, it will generate significant synergies between its different areas, which could amount to €20 million in 2021.
GAES operates a network of around 600 retail outlets, of which around 500 are in Spain, and the rest in Portugal, Andorra, Argentina, Chile, Ecuador, Panama, Colombia and Mexico. In total, the Spanish company employs over 1,800 people. In 2017, had sales of €210 million, with EBITDA of €30 million.
Enrico Vita, Chief Executive Officer of Amplifon, commented: "This great acquisition represents a key milestone in the history of our company and is perfectly aligned with Amplifon's growth strategy, as it allows us to consolidate our global leadership and become market leaders in Spain, as well as consolidating our position in Portugal and reach Latin America."
On the future of the brand, he added: "We firmly believe that this agreement represents a significant opportunity for employees and customers of both companies, as both Amplifon and GAES has a long history of quality customer service."
Antonio Gassó, the Chief Executive Officer of GAES, explained: "This deal represents a great opportunity for GAES to form part of the world's leading hearing retailer while it drives and accelerates its expansion through the GAES brand in Spain and Latin America. We both share very similar cultural values based on customer service, personal impact and passion for excellence, which will make it easier to integrate people within a leading group and create exciting professional opportunities in Spain and the rest of the world."