Amplifon has completed the acquisition of Hearing Instruments, Inc. and Precision Hearing Aid, LLC, two companies owned by a major Miracle-Ear franchisee with approximately 35 stores in the United States, the world‘s largest market in hearing care sector.
The acquired stores are located in Pennsylvania, generate annual revenue of approximately $20 million and employ approximately 80 people. Miracle-Ear is the brand through which Amplifon operates in the United States retail market, through direct and franchising stores.
“This second acquisition in the United States from the beginning of 2024, combined with the solidity of our franchisee network, confirms our strategy to further accelerate Amplifon’s growth in the most important market in the world in our sector. We want to increase our presence in the country and guarantee an excellent service to an ever-increasing number of people thanks to our successful business model, based on the development of an important network of direct stores that operates in perfect synergy with our strategic and proven franchising network”, commented Enrico Vita, CEO of Amplifon.
The combination of the acquired group with Miracle-Ear’s current direct network will allow Amplifon to leverage greater scale, creating new opportunities to pursue excellence and innovation in the service provided to its customers, to the benefit of both the business directly and that of all franchisees.
Following this acquisition, the Miracle-Ear network in the United States reaches approximately 400 direct sales points, in addition to over 1,200 franchised stores. In 2023, the Americas (United States, Canada and Latin America) exceeded 400 million euros in revenues for the first time in Amplifon’s history (around 430 million euros, corresponding to around 20% of the Group’s total) through approximately 1,900 points of sale.