GCA Altium is now part of Houlihan Lokey

Transaction Details

May 7, 2021


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Team

Alexander Grünwald, Madeleine Jahr, Thomas Egli, Thomas Eulau, Bernhard Trösch, Lara Kurth, Jannik Burth

GCA Altium advises Sennheiser on finding a partner for its consumer business

GCA Altium acted as financial advisor to Sennheiser, one of the world’s leading manufacturers of headphones, loudspeakers, microphones and wireless transmission systems, aiding the company in finding a strong partner for its consumer business in Sonova Holding AG. Under the agreement, Sonova, the global provider of innovative hearing care solutions, will fully acquire Sennheiser’s consumer business.

Sennheiser was founded in 1945 and has been a synonym for first-class sound and excellent product quality across the world for over 75 years. Since 2013, the business has been managed by Daniel Sennheiser and Dr. Andreas Sennheiser, the third generation of the family to run the company. In 2019, the Sennheiser Group generated turnover totaling EUR 756.7m.

Sonova is headquartered in Stäfa, Switzerland. With the acquisition of Sennheiser’s consumer division, Sonova will add a range of products such as headphones and soundbars to its portfolio, which includes hearing aids and cochlear implants, among other solutions. Sennheiser’s many years of expertise as one of the world’s leading companies in the audio industry and the resulting reputation and appeal of the brand complement Sonova’s extensive audiological and technological expertise in the field of hearing solutions.

Permanent cooperation is planned under the joint Sennheiser brand umbrella in order to continue offering Sennheiser customers first-class audio solutions in the future. A long-term licence agreement for the Sennheiser brand will be in place.

“We couldn’t have asked for a better partner than Sonova for our consumer electronics business,” said Daniel Sennheiser, co-CEO at Sennheiser. “Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values. This gives us an excellent foundation for a successful future together.”

Co-CEO Andreas Sennheiser added: “The combination of our strengths provides an excellent starting point for future growth. We are convinced that Sonova will strengthen Sennheiser’s consumer business in the long term and capture major growth opportunities for the company.”

Subject to regulatory approval, the plan is to complete the transfer of the business to Sonova by the end of 2021. Sennheiser will now concentrate its own strengths and resources on the Pro Audio, Business Communications and Neumann business areas. Through these three business units, the company plans to continue to grow at an above-average rate and expand its already strong position in the global market.

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