Amplifon acquires Bay Audio in Australia (and its 100 stores) – Corriere.it

by time news

Amplifon goes shopping in Australia. The group specialized in hearing products and services has signed a definitive agreement for the acquisition of Bay Audio Pty, a primary operator in the retail market in Australia with a network of over 100 points of sale located in high-traffic shopping centers located on the coast eastern part of the country. The cash out amounts to 550 million Australian dollars, approximately 340 million euros, on a cash and debt free basis. In the fiscal year ended May 31, 2021, Bay Audio reported revenues of A $ 100 (€ 63 million) and a recurring EBITDA of over A $ 30 million (approximately € 20 million). In the 2016-21 period, the average annual growth in revenues was over 20%. Amplifon estimates synergies at the EBITDA level, starting from 2023, of 8 million Australian dollars (5 million euros).

News of Bay Audio’s acquisition in Australia pushed Amplifon higher on the stock market. The acquisition is expected to generate approximately 8 million Australian dollars (approximately 5 million euros) of annual synergies at Ebitda level expected from 2023. At the opening in Piazza Affari, the stock advanced by 2% to 38.86 euros. This important acquisition is perfectly aligned with our growth model and our M&A strategy – said the CEO of Amplifon, Enrico Vita -. Furthermore, this transaction will allow us to further strengthen our position in the Australian market, the tenth in the world. The combination with Bay Audio’s innovative and complementary business model, its premium positioning and financial profile characterized by strong growth and profitability will allow us to create formidable new opportunities to grow and generate value for all our stakeholders. Finally, we are delighted to welcome the management team and all people from Bay Audio to our organization who, together with Amplifon and Attune, will create a unique platform to deliver the highest quality hearing products and services in Australia.


You may also like

Leave a Comment