SP Advises EQT-Backed Sivantos Group on Acquisition of TruHearing
Sonenshine Partners has advised Sivantos Group, one of the largest vertically-integrated manufacturers of hearing aids globally and portfolio company of leading global private equity group EQT, on the acquisition of hearing healthcare benefits manager TruHearing. The strategic combination, which closed on April 20, 2018, will expand distribution for Sivantos’ premium hearing aid brand Signia with hearing care professional (“HCP”) customers nationwide and will also continue Sivantos’ leadership in hearing healthcare benefits management with third-party administrators of managed hearing aid coverage.
“As the growth of third-party providers in the hearing industry continues, we recognized the opportunity to join forces with TruHearing, one of the leading players in the space,” said Steve Mahon, CEO of Sivantos USA. “As a result of this partnership, we will be better equipped to meet the needs of our HCP customers and deliver new ways for them to serve more patients. It also puts us at the forefront of a rapidly changing and always growing market at a crucial time.”
“We are very pleased to have advised EQT and Sivantos Group on this important transaction within the U.S. hearing healthcare market,” said Marshall Sonenshine, Chairman of Sonenshine Partners.
The transaction adds to Sonenshine Partners’ long-standing track record for excellence in the Consumer Health sector generally, as well as in the Audiology industry.
Within the Audiology industry, Sonenshine Partners previously advised the hearing aid retailer and hearing healthcare benefits manager HearUSA on its $135 million sale to Siemens AG’s hearing aid division (n.k.a. Sivantos Group). Sonenshine Partners has also advised or completed transactions with many other managed care, specialty healthcare or consumer health & wellness companies such as Highmark, WellPoint, Walgreens Boots Alliance, 1-800 CONTACTS, Optical Distributor Group and Vision Direct Group.
About Sivantos Group
The business operations of the former Siemens AG hearing aid division have been combined into the Sivantos Group since early 2015. Sivantos can look back on almost 140 years of German engineering and countless global innovations. Today Sivantos is one of the leading hearing aid manufacturers worldwide. With its around 6,000 employees, the group recorded revenues of 967 million euros in the fiscal year 2016/2017 and an operating profit (Adj. EBITDA) of 238 million euros. Sivantos’ international sales organization supplies hearing care specialists and sales partners in more than 120 countries. Particularly high value is placed on product development. Sivantos aims to become the market leader in the coming years with its brands Signia, Siemens, Audio Service, Rexton, A&M, HearUSA and audibene. The owners of Sivantos are the anchor investors EQT along with the Strüngmann family as a co-investor.
About Sonenshine Partners
Established in 2000, Sonenshine Partners is a private investment bank advising major companies worldwide on mergers, acquisitions, corporate finance and restructuring transactions across multiple industry sectors. With offices in New York and London, Sonenshine Partners brings unique insights, unconflicted advice and extensive dealmaking experience to its global client base.