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Gilbert + Tobin acts on $460m divestment deal

Gilbert + Tobin acts on $460m divestment deal

Gilbert + Tobin advises as Italians take on national hearing care solutions in a $460m deal

GILBERT + Tobin has advised one of the private equity owners of National Hearing Care (NHC) as it sold its business to Italian group Amplifon for $460 million.

Reports reveal the sale effectively sidesteps a proposed initial public offering.

G+T’s corporate advisory partner John Williamson-Noble advised Crescent Capital Partner on its divestment with Macquarie Group of the audiology service provider by a duel track sale process.

The firm’s corporate advisory lawyers Tim Gordon and Madeleine Kulakauskas also advised on the deal.

NHC chief executive Paul Mirabelle said he knew the Amplifon management team for many years and was pleased to join the global leader in the industry .

NHC posted $41m in earnings before interest, tax and amortisation for the June financial year from $144m in revenue.

The company has a network of 200 shops and 240 audiologist, including 102 shops in Australia.

A prospectus for an IPO of NHC was due to be lodged at the end of September, with the shares scheduled to start trading from 15 October, but Crescent and Macquarie opted for a trade sale due to weakness in the IPO market, The Australian reported.

Gilbert + Tobin previously advised CCP on the acquisition of Bay Audiology in 2009, which was sold to National Hearing Care. It also advised the company on its acquisition of Allan’s Music stores nationally.

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