Amplifon acquires network with 50 outlets in U.S.

(Alliance News) - Amplifon Spa announced Monday that it has completed the acquisition of the business of one of the leading Miracle-Ear franchisees in the US.

The acquired network, under three different companies -- Hearing Pro Inc,, Las Davis Enterprises Inc, and MiracleEar Centers of Arkansas LLC -- includes about 50 outlets located in four states, Arkansas, Kansas, Illinois, and Missouri, with annual sales of about USD20 million and about 85 employees.

Miracle-Ear is the brand through which Amplifon operates in the U.S. retail market, through direct and franchise stores.

"This acquisition is an important new step in the path of further accelerating our growth in the U.S. market, the most important in the world. The transaction fits perfectly into our business model in the U.S., which is characterized by the development of an important network of direct stores operating in synergy with our historic and proven franchise business," commented Enrico Vita, CEO of Amplifon.

The acquisition is in line with Amplifon's strategy to further strengthen its position in the U.S. "In fact, the combination of the acquired network with MiracleEar's existing direct network will allow the company to accelerate its development in the world's largest market, leveraging greater scale and creating new opportunities to pursue excellence and innovation in the service provided to its customers, benefiting both the direct business and that of all franchisees."

As a result of this acquisition, the Miracle-Ear network reaches approximately 350 direct stores, adding to the more than 1,200 franchise stores. Overall, the Americas generated revenues of about EUR400 million in 2022, about 20 percent of the Amplifon Group's total, through more than 1,800 outlets.

Amplifon closed Friday 1.5 percent in the red at EUR29.32 per share.

By Chiara Bruschi, Alliance News reporter

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