Winston & Strawn represented PJC Investments in the transaction.
Amplifon S.p.A. signed a definitive agreement for the acquisition of the hearing care business of PJC Investments LLC (“PJC Hearing”), the second largest Miracle-Ear franchisee in the United States, the major market in hearing care worldwide.
PJC Hearing started its operations in 2008 and today its network comprises 110 points of sale located in Texas (58), Florida (49) and New Mexico (3), states heavily populated by senior citizens.
Amplifon S.p.A. (BIT:AMP) is a Milan, Italy-based public company and a global leader in the hearing care retail market.
The acquisition, which calls for a cash-out, on a debt-free cash-free basis, of around 33 million US dollars (27 million euros), will allow Amplifon to combine PJC’s 110 stores with the 59 corporate stores owned by Miracle-Ear (primarily located in Minnesota, South Carolina and Georgia) under a single legal entity and umbrella. PJC’s leadership will partner with Amplifon and help lead the newly formed company, incentivized by an appropriate earn-out mechanism.
Winston & Strawn represented PJC Investments with Edmund S. Cohen, Chris A. Ferazzi (Picture), Steve Flores, Anna Gryska, Danielle Olson Marr, and David B. Thaxton.
Involved fees earner: Edmund Cohen – Winston & Strawn; Chris Ferazzi – Winston & Strawn; Steve Flores – Winston & Strawn; Anna Gryska – Winston & Strawn; Danielle Olson Marr – Winston & Strawn; David Thaxton – Winston & Strawn;
Law Firms: Winston & Strawn;
Clients: PJC Investments;