Industry: Healthcare / Products & Devices
Transaction: Sale to Strategic Buyer


Telex Communications, Inc. ("Telex") is a leader in the design, manufacture and marketing of sophisticated audio, wireless and multimedia communications equipment. Telex's Hearing Instruments Group is the oldest continuously operating hearing aid manufacturer and distributor in the US.

The Hearing Instruments Group of Telex, a privately held company, had decided to sell its hearing aid assets and its other two major product lines, Wireless CROS and Bi-CROS, as the product lines no longer were a strategic fit with Telex's core business in wireless and multimedia communications equipment.

GMB was retained as Telex's exclusive financial advisor in the sale of the businesses. GMB conducted a very broad auction process for the sale of the company, which resulted in separate sales of its hearing aid assets and its Wireless CROS and Bi-CROS product lines.

GMB successfully negotiated the sale of the hearing aid assets to Starkey Laboratories and the Wireless CROS and Bi-CROS product lines to Phonak Group. Starkey Laboratories, based in Eden Prairie, MN, is the world's largest manufacturer of hearing instruments. It acquired Telex's hearing aid assets as an addition to its existing product lines. Phonak, based near Zurich, Switzerland, specializes in the design, development, production and worldwide distribution of technologically advanced wireless and hearing systems. The acquisition of the Telex's wireless CROS and Bi-CROS assets was a strategic fit for Phonak's existing product lines.

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