EQS-Adhoc: GN Store Nord A/S: GN announces divestment of BelAudição

Continued execution of new capital plan to strengthen capital structure and drive growth

Today, GN has signed an agreement to divest BelAudição, Unipessoal Lda ("BelAudição) to MCH Private Equity. BelAudição is the owner of the leading retailer of hearing aid solutions in Portugal, AudiçãoActiva, with around 50 hearing aid stores and 2022 revenues of around EUR 35 million and topline growth of 24%.
MCH Private Equity is an independent private equity firm based on the Iberian Peninsula with a focus on investing in companies with high potential in attractive sectors. Their mission is to support mid-sized businesses in transformation processes, ranging from the transition of ownership in family-owned companies to the internationalization and development of organic and inorganic growth plans.
The transaction demonstrates GN Hearings commitment to its successful strategy of not owning retail and instead focus on being a key supplier to strong independent hearing aid dispensers. GN finalized the acquisition of BelAudição a long-time GN Hearing customer in 2022 to facilitate a generational transition. GN Hearing has, therefore, carefully considered potential buyers to back the next phase of BelAudiçãos impressive growth journey while securing that GN Hearing remains a key supplier of hearing aids to the business.
Gitte Aabo, CEO of GN Hearing, says: We are very pleased to have found a new strong owner for BelAudição, a high performing hearing care retailer with an impressive growth track-record. GN Hearing continues to be fully committed to BelAudição and hearing aid users across Portugal as a key supplier of leading hearing aid technology. Together with MCH Private Equitys local presence and expertise, BelAudição now has strong backing to execute their ambitious growth plans to the benefit of all parties. Further, this divestment is also an important step in executing GNs new capital plan to strengthen the capital structure and continue to drive growth and innovation.
Andrés Peláez, Senior Partner at MCH, comments: "MCH's acquisition of BelAudição is a strategic step in our vision to invest in promising Spanish and Portuguese companies with growth potential. This investment strengthens MCH's position in the market and reaffirms our commitment to support the development of companies in key sectors.
Alantra is serving as exclusive financial advisor to GN on the transaction. Vieira de Almeida (VdA) and Uría Menéndez-Proença de Carvalho (UMPC) are serving as legal counsels to GN and MCH respectively.
Key transaction highlights
The transaction is an important milestone in the newly announced capital plan to strengthen GNs capital structure where proceeds from selected asset disposals amount to DKK 1-2 billion. The divestment of BelAudição will contribute DKK ~500 million of that target. The transaction is expected to close in Q3 2023 subject to MCH Private Equity completing financing and obtaining anti-trust clearance.
The divestment of BelAudição is not impacting the financial guidance of GN Hearing.
For further information, please contact:

Investor Relations
Anne Sofie Staunsbæk Veyhe +45 45 75 85 06
Rune Sandager +45 45 75 92 57
Media Relations
Steen Frentz Laursen +45 20 65 34 20
About GN

GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, we deliver technology that enhance the senses of hearing and sight. We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts.

GN was founded more than 150 years ago with a vision to connect the world. Today, inspired by our strong heritage, GN touches more lives than ever with our unique expertise and the broadest portfolio of products and services in our history bringing people closer to what is important to them.

We market our solutions with the brands Jabra, ReSound, SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries. Founded in 1869, GN Group employs more than 7,500 people and is listed on Nasdaq Copenhagen (GN.CO).

Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter

About MCH Private Equity

MCH is a private equity fund set up in 1998. The company manages more than 1.2 billion euros through different funds, being one of the leading companies in the Spanish market and one of the largest private and independent private equity groups in Spain. The funds focus their activity on acquiring significant stakes in companies of relevant size in the Iberian Peninsula, pioneers in their corresponding markets and managed by solid professional teams, with the aim of boosting their growth and internationalization.

MCH is currently investing its fifth fund, having complete operations in leading companies such as Molecor (development of molecular orientation technology applied to pressurized water channeling), Prosur (natural ingredients for the food industry) or Logalty (digital signature and electronic contracting), among others.