Sonova to increase presence in US market: Acquisition of leading audiological care network
St?fa (Switzerland), January 13, 2022 - Sonova Holding AG, a leading provider of hearing care solutions, has signed an agreement to acquire Alpaca Audiology, one of the largest independent networks of audiological care clinics in the US. Founded in 2011, the company has over 500 employees and operates around 220 clinics across the country. The purchase price amounts to USD 310 million (CHF 285 million) on a cash and debt free basis and will be financed through the existing cash balance. The transaction is pending regulatory approval and expected to close before the end of financial year 2021/22.
The acquisition significantly expands Sonova's direct consumer access in the US market Alpaca's network of clinics in the US Northeast, Midwest and South and its offering of state-of-the-art hearing health services is highly complementary to Sonova's existing store footprint in the country Alpaca is expected to contribute annual revenues of around USD 120 million (CHF 110 million) and achieve an EBITDA margin (adjusted for transaction and integration costs) in the high teens Sonova expects the transaction to make a positive contribution to the earnings per share from financial year 2022/23 onwards
Arnd Kaldowski, CEO of Sonova, says: 'This is an exciting step for Sonova. The addition of Alpaca Audiology to our Audiological Care business will significantly increase our presence in the US, the world's largest audiological care market. With the acquisition, we are doubling our network in the country, strongly expanding our consumer access.'?
Sonova's Audiological Care business offers professional audiological services through a network of more than 3,200 locations in 20 key markets worldwide. In the US, the business is mainly represented by its brand Connect Hearing, and has more than 500 employees in around 220 clinics.
Goldman Sachs International ('GSI') acted as financial advisor to Sonova on this transaction.
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Disclaimer This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management's views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside Sonova's control. Should one or more of these risks or un-certainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sonova undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
About Sonova Sonova, headquartered in St?fa, Switzerland, is a leading provider of innovative hearing care solutions. The Group operates through its core business brands Phonak, Unitron, Hansaton, Advanced Bionics and the brands of the Audiological Care business, e.g. AudioNova, Geers, Boots Hearing Care, Connect Hearing and Lapperre. Sonova offers its customers one of the most comprehensive product portfolios in the industry - from hearing instruments to cochlear implants to wireless communication solutions.
Pursuing a unique vertically integrated business strategy, the Group operates through three core businesses - Hearing Instruments, Audiological Care and Cochlear Implants - along the entire value chain of the hearing care market. The Group's sales and distribution network, the widest in the industry, comprises over 50 own wholesale companies and more than 100 independent distributors. This is complemented by Sonova's Audiological Care business, which offers professional audiological services through a network of more than 3,200 locations in 20 key markets.
Founded in 1947, the Group has a workforce of over 14,000 dedicated employees and generated sales of CHF 2.6 billion in the financial year 2020/21 as well as a net profit of CHF 585 million. Across all businesses, and by supporting the Hear the World Foundation, Sonova pursues its vision of a world where everyone enjoys the delight of hearing and therefore lives a life without limitations.
Sonova shares (ticker symbol: SOON, Security no: 1254978, ISIN: CH0012549785) have been listed on the SIX Swiss Exchange since 1994. The securities of Sonova have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'U.S. Securities Act'), or under the applicable securities laws of any state of the United States of America, and may not be offered or sold in the United States of America except pursuant to an exemption from the registration requirements under the U.S. Securities Act and in compliance with applicable state securities laws, or outside the United States of America to non-U.S. Persons in reliance on Regulation S under the U.S. Securities Act.
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