GN sells off its Portuguese retail business BelAudição for USD72.9m

BelAudição has around 50 hearing aid stores and 2022 revenues of around €35 million and topline growth of 24%.

MCH Private Equity is an independent private equity firm based in Portugal and Spain, with a focus on investing in companies with high potential in attractive sectors. Their mission is to support mid-sized businesses in transformation processes, ranging from the transition of ownership in family-owned companies to the internationalization and development of organic and inorganic growth plans.

Describing the divestment as “an important step in executing GN’s new capital plan to strengthen the capital structure and continue to drive growth and innovation,” GN Hearing’s CEO Gitte Aabo said “We are very pleased to have found a new strong owner for BelAudição, a high performing hearing care retailer with an impressive growth track-record. GN Hearing continues to be fully committed to BelAudição and hearing aid users across Portugal as a key supplier of leading hearing aid technology.”

GN has confirmed that the divestment of BelAudição does not change the group’s financial guidance. “The transaction is an important milestone in the newly announced capital plan to strengthen GN’s capital structure where proceeds from selected asset disposals amount to DKK 1-2 billion (approx. €134-268m),” say GN. The divestment of BelAudição will contribute DKK ~500 (€67m of that target. The transaction is expected to close in Q3 2023 subject to MCH Private Equity completing financing and obtaining anti-trust clearance.

Source: GN