Ultravox, the UK’s market leader in the dispensing of hearing aid devices has been sold in a €93 million deal. Amplifon SpA, the Italian based, worldwide market leader has acquired Manchester-based Ultravox which operates under four retail brands from 250 centres nationwide.
Lead advisers to the deal were Paul Jones and Jon Mercer of Clearwater International who believe this deal signifies the start of a fundamental restructuring for the UK hearing market. With a £57 million turnover, Ultravox has a 24 per cent market share of the UK private sector. The company has four well-known high-street brands; Ultratone, Sietech, Hearing Health and Active Life UK. Since 2001, Ultravox has increased its number of high street branches from 76 to 138 and in 2005 alone, opened in 41 new locations. The company also operates from over 120 day centres across the country. It provides services direct to its customers at home (domiciliary) through over 100 dispensers in the field and provides audiological services, occupational health and mobility products in some branches.
The deal involves a significant cross-border element, with an Italian buyer and shareholders based in the UK, Spain, Switzerland and Denmark. Ultravox has over 50 shareholders, many of which are employees who will share in the sale proceeds. Since its flotation in June 2001, Amplifon has shown 19 quarters of continuous growth. Led by chief executive Franco Moscetti, the business turns over in excess of €500 million with an EBITDA in 2005 of €93m. Amplifon has for some time been keen to enter the UK market, one of the largest hearing aid markets in the world, and the acquisition of Ultravox, Amplifon’s largest acquisition to date, places it directly into the UK’s market leading position.