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In a move that may significantly reshape the European hearing healthcare landscape, Denmark-based Demant—the maker of Oticon and Bernafon hearing aids, as well as much of the world’s most advanced audiology test equipment—has announced its acquisition of the KIND Group, one of Germany’s largest and most recognizable hearing aid retailers which offers KIND and audifon brands. The €700 million (≈US$750MM) deal represents Demant’s largest chain-retail acquisition to date and will expand its global network of hearing care clinics to over 4,500 locations worldwide, which includes Audika and HearingLife.
Germany is probably the second-largest country in hearing aid unit sales (it’s possible China could be larger), where an estimated 1.7 million hearing aids are sold annually, compared to about 5.4 million in the US. KIND, with approximately 650-700 retail clinics across Germany and several other countries, is one of the last large-scale independent hearing aid chains in Europe. Therefore, the acquisition provides Demant with a significantly larger footprint in Central Europe.
“As a family business, our foremost responsibility has always been to ensure the long-term success and stability of the company,” said KIND Owner and CEO Dr. Alexander Kind in a press statement. “By joining forces with Demant, we have found the ideal partner to carry our legacy forward. Combining both businesses will secure a leading position in the German hearing care market. Demant brings the strength, scale, and expertise needed to secure lasting value for our employees, our customers, and the business as a whole. Our company is now better positioned for the future, and in the best possible hands. As a family, we are deeply reassured knowing the values that built our business will continue to thrive.”
The deal is expected to close in the second half of 2025, pending regulatory approval. Until then, Demant has suspended its ongoing share buy-back program but otherwise reaffirmed its financial outlook for the year.
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Founded in 1952, KIND has built a reputation for expert, customer-focused hearing care, rooted in a family-owned ethos that historically aligns with Demant’s “People First” mission. The two companies have partnered for over two decades, with KIND distributing Oticon and Bernafon products in its hearing care offices. The acquisition deepens that relationship, integrating KIND’s approximately 3,000 employees into Demant’s global organization.
While KIND’s core operations are in Germany—home to around 600 of its clinics—the acquisition also includes about 30 locations in Switzerland and a smaller number of clinics in Austria, Luxembourg, and Singapore, according to Demant. The company says the deal boosts its total presence in Germany to more than 900 clinics—positioning it as a market leader in one of the world’s largest and most competitive hearing aid markets.
“I look forward to welcoming KIND employees into the Demant Group and our growing Hearing Care business, which is characterized by a culture of engagement, where our hearing care experts serve millions of people annually,” said Demant President of Hearing Care Niels Wagner. “Over the past several years, we’ve expanded our activities in Germany, and with KIND becoming part of the Demant Group, we’re able to further improve our position and leverage one of the leading brands in the industry. We believe that a trusted relationship between the hearing aid user and a professional hearing care expert is paramount when purchasing hearing aids, and so is access to state-of-the-art technology, which is why we equip professionals with hearing solutions and standards of care that are not only excellent to work with, but also truly life-changing for people living with hearing loss.”
Demant has made no secret of its ambitions to expand its global retail footprint. In Europe, its clinics operate predominantly under the Audika brand. In the United States, the company runs one of the largest hearing care chains through its HearingLife subsidiary which HearingTracker estimates has more than 600 hearing care centers in 42 states, as well as 350 stores in Canada. KIND’s acquisition aligns neatly with Demant's strategy by providing a larger presence in Central Europe.
Like the US hearing aid market, Germany’s remains highly fragmented despite its size, presenting opportunities for consolidation. With KIND’s well-established infrastructure and consumer trust, Demant gains a valuable platform for further growth and efficiency.
Additionally, some KIND locations also offer optical services, and the company operates a small hearing aid manufacturing and distribution site—assets that could create longer-term synergies across Demant’s broader portfolio.
Last year, Demant acquired the Danish retail chain Dansk Hørecenter, comprising 36 clinics, from GN for approximately US$ 15 million.
Demant estimates that KIND will contribute roughly €300 million (≈US$344MM) in revenue to the Group by 2026, once adjusted for Demant’s accounting practices. The company anticipates the acquisition will be accretive to earnings per share in the first year post-closing, with cost and revenue synergies fully realized by 2028.
Initially, the acquisition will push Demant’s net debt-to-EBITDA ratio to around 3.5, temporarily above its target range of 2.0–2.5. However, the company plans to prioritize debt reduction following the transaction and expects to return to its targeted gearing ratio within two years.
The KIND acquisition strengthens Demant’s ability to offer a vertically integrated hearing care experience, from in-house hearing aid technology and diagnostics to direct patient care. It also reaffirms the company’s commitment to personal, professional service delivered through trusted local brands.
KIND’s integration into the Demant Group continues a broader trend of consolidation in the global hearing healthcare market. With few large independent retailers remaining in Europe, the KIND acquisition represents a significant reduction in the number of non-aligned chains. It also highlights the importance of integrating advanced hearing technology with in-person expertise on a large scale.
For Demant, the move signals a doubling down on the importance of the clinic model, even amid the rise of over-the-counter (OTC) and online hearing aid distribution. With this acquisition, the company not only strengthens its European position but also reiterates its global mission: to deliver life-changing hearing healthcare to more people, more efficiently, and more personally than ever before.
Source: Demant and HearingTracker
Karl Strom ist der Chefredakteur von HearingTracker. Er war Gründungsredakteur von The Hearing Review und berichtet seit über 30 Jahren über die Hörhilfenindustrie.
