Amplifon (EXM; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, announces today that it has signed a definitive agreement which will allow the Company to enter Uruguay thanks to the acquisition of the Audical Group, the main national player in the hearing care market.
The Audical Group comprises 25 direct points of sales with the brands Audical and Centro Auditivo and several distributors throughout the country, with annual revenues of around 10 million euros, steadily growing over the last years, and around 130 employees and collaborators.
The Audical Group, a family-owned company that has been operating since 1996, has for long been the market leader in Uruguay, a country with 3.5 million inhabitants, a dynamic and growing economy and a hearing care sector with interesting growth and penetration rates.
“Our entry in Uruguay – comments Enrico Vita, Amplifon’s Chief Executive Officer – is a new step in our internationalization and growth journey in Americas, a region that will be pivotal in Amplifon’s future development. With this transaction, we seized the opportunity of acquiring an excellent company that shares with Amplifon the leadership in its reference market and essential values such as customer focus and quality of service.”
By entering Uruguay, Amplifon now operates in 26 countries worldwide, with a total of over 9,500 points of sale. Within Americas, the Company is already active in six countries in Latin America (Argentina, Chile, Colombia, Ecuador, Mexico and Panama) under the Gaes brand, besides the United States and Canada, the two core markets in the region. Overall, Americas generated annual revenues of around 400 million euros in 2022 (around 20% of the Group’s turnover) through over 1,800 points of sale.
The transaction is expected to be completed in January 2024.