Ohrwerk: NORD Holding acquires two companies in the Hearing Care market
September 2020, Hanover – NORD Holding, together with an experienced management team led by Mr. Wilhelm Evers, is pursuing a buy-and-build strategy in the premium hearing care market. The acquisition of parts of the oton- and Ohrwerk Group (29 established stores) lays the foundation for the planned acquisitive growth to over 150 stores. Both companies will be united under a joint appearance as "OHRWERK Hörgeräte" in the rapidly growing market for premium hearing aids.
"With these acquisitions, Ohrwerk rises amongst the largest hearing care companies in Germany. Thanks to Mr. Evers' industry experience and network, we are able to participate in the strong growth of the hearing care market. We are looking forward to supporting him in the future development of the new company", says Philipp von Mitzlaff, member of the Investment Committee at NORD Holding.
"We enable our hearing care professionals to focus exclusively on their work: advising customers in the best possible way as well as fitting, adapting and selling hearing aids. With this in mind, we strive to be the most attractive acquirer – and above all – employer for hearing care professionals in Germany," says Wilhelm Evers, CEO of Ohrwerk.
"We are pleased to have found such strong partners in NORD Holding and Ohrwerk who share our corporate philosophy of responsibility in hearing care and who will continue the Groups growth story on this basis. In the future, I will personally focus more on supporting the oton & friends network partners”, says Andreas Roberg, CEO of oton.
On the part of NORD Holding, the transactions were managed by Philipp von Mitzlaff, André Seidel and David Wössner.
With Ohrwerk, NORD Holding addresses the increasing demand for high-quality hearing aids and customer-oriented service in contrast to the established branch concepts. As a buy-and-build platform focused exclusively on hearing care, Ohrwerk primarily benefits from the high degree of fragmentation in the German market and the increasing penetration and acceptance of hearing aids in society. Ohrwerk acquires established hearing care stores throughout Germany with a strong local presence as well as nationally active chains, thus offering independent hearing care entrepreneurs an alternative to a sale to a large chain.
The Group operates 29 hearing care stores with ca. 75 employees with several regional clusters across Germany (in particular North Rhine-Westphalia, Northern Germany and Bavaria). With its own collection of hearing aids, an attractive financing concept, a broad portfolio of services and various training programs, the Group is a leading player in Germany in terms of customer proximity, quality awareness and employee development.
About NORD Holding
With a 50-year history and assets under management of € 2.5 billion NORD Holding is one of the leading private equity asset management companies in Germany. The focus is on the direct investment and fund of funds investment divisions.
The focus of direct business is on structuring and financing corporate succession models, the takeover of group divisions/subsidiaries and expansion financing for medium-sized companies. In contrast to most other financial investors who only manage funds for a limited period NORD Holding acts as a so-called "evergreen fund" with no time limit and invests from its own balance sheet. At present the company is invested in more than 15 companies in Germany and other German-speaking countries.
The Fund Investments division targets the small-cap segment of the European private equity market and focuses on primary, secondary and co-investments. NORD Holding concentrates strongly on buyout managers newly established on the market, operational investment strategies and also regularly acts as an anchor investor.