Deal Announcement 01/25: Retail & Consumer / Healthcare

The Deal

The PwC M&A team is pleased to announce the successful sale of Ohrwerk Hörgeräte GmbH (“OHRWERK Group”) to Demant A/S (“Demant”). The OHRWERK Group is a leading retailer of hearing aids, implants, and associated accessories, operating roughly 80 stores in Germany. PwC M&A executed a structured, global sales process, successfully identifying Demant, a listed hearing aid and technology company based in Denmark, as the ideal strategic partner for the OHRWERK Group.

The share purchase agreement was signed in December 2024 and closed in January 2025.

OHRWERK Group 

Founded in 2020, the OHRWERK Group is a leading provider of high-quality patient care with hearing aid solutions and associated support services. With a network of 77 stores and over 270 well-trained employees, the Group is a top 10 retailer of hearing aids in Germany. The OHRWERK Group’s product portfolio comprises hearing aids, implants, accessories, and hearing protection products. The Group’s excellence as a buy-and-build platform has been demonstrated by seamlessly integrating numerous companies, growing from roughly 30 stores in 2020 to approximately 80 in 2024. Known for fostering a modern working environment, the OHRWERK Group is widely regarded by acousticians and sales professionals as an attractive employer and a ‘GoodHome’.

NORD Holding

NORD Holding is a leading European private equity firm with over 50 years of experience. Founded in 1969, NORD Holding currently manages €4 billion in assets. With four locations in Germany and roughly 30 investment professionals, the company focuses on mid-cap companies in the DACH region, typically generating an EBITDA between €5 million and €15 million. NORD Holding invests in a diverse range of industries, including Healthcare, Software/IT, Smart Industries and Business Services. The company’s investment strategy is centered around long-term partnerships, where the professionals work closely with the management teams of their portfolio companies to drive growth and operational improvements.

Demant A/S

Demant is a listed global hearing aid and technology company that has been building on a tradition of care, health, and innovation since 1904. The group offers innovative technologies, solutions, and expertise to improve people's health and hearing. Demant is actively engaged in all areas, from hearing care and hearing aids to hearing implants, diagnostic equipment, services, and audio solutions. Headquartered in Denmark, the group employs approximately 22,000 people worldwide and operates in 130 countries. The William Demant Foundation holds the majority of shares in Demant A/S, which is listed on the Nasdaq Copenhagen.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 370,000 people in 149 countries. Our global network comprises over 2,900 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A Germany acted as exclusive financial advisor to NORD Holding on this transaction. The transaction was led by Alexander von Friesen (Partner) and supported by Julian Fischer (Senior Associate) and Ibrahim Günal (Senior Associate).