Ultravox
Ultravox, the UK’s market leader in the dispensing of hearing aid devices, has been sold in a €100 million deal – representing a sound cross-border investment by Amplifon SpA, the Italian-based global market leader.
Operating from 250 centres across the UK under four well-known high street brands, Ultravox has grown substantially in recent years as the demand for private sector hearing aids has increased. Further increases in private sector hearing aid sales are anticipated as a result of an ageing population and growing waiting lists for free-issue hearing aids on the NHS.
Growth will also come from an expansion in private partnerships with the NHS - the largest dispenser of hearing aids in the UK, accounting for 80% of the total market. Ultravox is already a key partner in such a partnership and as such, the business is well poised to take advantage of the NHS's increased use of private sector contractors.
Amplifon aspires to be a market leader in all key global markets. The acquisition of Ultravox placed it directly into the UK number one position. The deal was also one of the largest UK acquisitions by an Italian company in 2006. For Ultravox, a deal with Amplifon offered significant benefits to its customer base and exciting opportunities for its employees.
Clearwater advised the majority shareholders of Ultravox on the sale of the business. The complex deal involved a significant cross-border element - with an Italian buyer and more than 50 shareholders based in the UK, Spain, Switzerland and Denmark. Many of the shareholders were employees, who shared in the sale proceeds.
Jeff Murphy, Chief Executive of Ultravox, said:
“Clearwater drove a complex deal to completion with great control. Their ability to stay one step ahead of everybody ensured the final deal exceeded all of our expectations."
The group’s absorption into Amplifon has proved a resounding success. The UK businesses have been rebranded; the first new Amplifon branch opened in April 2007; and 2006 UK sales grew by 11 per cent.
As the trend towards consolidation of the UK marketplace continues, Amplifon’s acquisitive strategy holds prospects for further growth.
Operating from 250 centres across the UK under four well-known high street brands, Ultravox has grown substantially in recent years as the demand for private sector hearing aids has increased. Further increases in private sector hearing aid sales are anticipated as a result of an ageing population and growing waiting lists for free-issue hearing aids on the NHS.
Growth will also come from an expansion in private partnerships with the NHS - the largest dispenser of hearing aids in the UK, accounting for 80% of the total market. Ultravox is already a key partner in such a partnership and as such, the business is well poised to take advantage of the NHS's increased use of private sector contractors.
Amplifon aspires to be a market leader in all key global markets. The acquisition of Ultravox placed it directly into the UK number one position. The deal was also one of the largest UK acquisitions by an Italian company in 2006. For Ultravox, a deal with Amplifon offered significant benefits to its customer base and exciting opportunities for its employees.
Clearwater advised the majority shareholders of Ultravox on the sale of the business. The complex deal involved a significant cross-border element - with an Italian buyer and more than 50 shareholders based in the UK, Spain, Switzerland and Denmark. Many of the shareholders were employees, who shared in the sale proceeds.
Jeff Murphy, Chief Executive of Ultravox, said:
“Clearwater drove a complex deal to completion with great control. Their ability to stay one step ahead of everybody ensured the final deal exceeded all of our expectations."
The group’s absorption into Amplifon has proved a resounding success. The UK businesses have been rebranded; the first new Amplifon branch opened in April 2007; and 2006 UK sales grew by 11 per cent.
As the trend towards consolidation of the UK marketplace continues, Amplifon’s acquisitive strategy holds prospects for further growth.
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