Amplifon has signed a definitive agreement for the acquisition of Bay Audio Pty, primary operator in the retail market in Australia with a network of over 100 points of sale located in premium and high-traffic shopping malls located on the east coast of the country. The cash out amounts to approximately AUD 550 million 3 40 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).
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“This important acquisition represents another milestone in our history and is perfectly aligned with our growth model and our M&A strategy. It will also 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 ” . This is the comment of the CEO of Amplifon, Enrico Vita, on the acquisition of the Australian Bay Audio, announced this morning and whose completion is expected by the end of 2021.
After the announcement of the operation, which took place before the opening of the markets, the Amplifon share jumped by more than 3%, taking the top of the day’s performance in Piazza Affari.