Lundbeck Foundation joins T&W Medical’s majority ownership of WS Audiology

WSAudiology and Lundbeck Foundation cover photo

New partnership between T&W Medical and the Lundbeck Foundation will support global hearing aid company WS Audiology’s long-term development.

Today, the Lundbeck Foundation announced that it has entered into an agreement with family-owned holding and investment company T&W Medical to acquire a minority share in its 51% majority stake in global hearing aid company WS Audiology A/S of which EQT holds the additional 49%. The Lundbeck Foundation’s investment and additional investment by T&W Medical and EQT announced on 18 April 2024 strengthen WS Audiology’s capital base, and the new partnership between T&W Medical and the Lundbeck Foundation will support the company’s long-term development.

The investment is aligned with the Lundbeck Foundation’s 2030 strategy ‘Bringing Discoveries to Lives’ and the ambition of being a long-term and significant owner of five to eight Danish-based healthcare companies that are or have the potential to become international market leaders.

Following the agreement, the Lundbeck Foundation becomes part of WS Audiology’s ownership group together with T&W Medical, which is jointly owned by the Tøpholm and Westermann families and invests in high technology companies within MedTech and life science that improve the quality of life for millions of people.

Lene Skole, CEO of the Lundbeck Foundation, said: “We are pleased to join T&W Medical in this partnership and share the ambition of supporting WS Audiology’s long-term development as a true global leader in the hearing aid industry. The investment in WS Audiology is a clear expression of the Lundbeck Foundation’s purpose and commitment to Danish healthcare companies that bring life-changing products and solutions to millions of people all over the world while also delivering an attractive financial return.”

WS Audiology is a global leader in the hearing aid industry with more than 12,500 employees in 130 markets and three main R&D centers in Denmark, Germany and Singapore. The company helps millions of people regain and enjoy their hearing by designing and manufacturing innovative hearing devices and solutions. Through a global customer network of hearing care professionals and WS Audiology’s consumer-facing businesses, the company helps raise awareness of hearing loss and facilitate access to professional care.

Lars Nørgaard, CEO of T&W Medical, said: “The Lundbeck Foundation is a perfect strategic partner for our majority ownership of WS Audiology. We are thrilled to welcome such a highly competent and engaged owner sharing our long-term investment horizon and dedication to stellar healthcare companies rooted in Denmark. Our shared focus on harnessing innovation to improve quality of life and our joint experience as strategic owners provide a solid foundation for our partnership.”

As an engaged and active co-owner of the majority stake in WS Audiology, the Lundbeck Foundation will appoint a member of the board of directors of WS Audiology at the company’s next General Meeting.

The parties have agreed not to disclose the purchase price or additional details of the transaction.

About WS Audiology

Formed in 2019, through the merger of Sivantos and Widex, WS Audiology combines over 140 years’ experience in pioneering the use of technology to help people with hearing loss hear the sounds that make life wonderful. With truly differentiated brands like Widex, Signia, Rexton, Audio Service and Vibe, and with diverse assets across wholesale, retail, online, managed care and diagnostic solutions, the company is active in over 130 markets. WS Audiology employs 12,500+ people and is privately owned by the Tøpholm and Westermann families and the Lundbeck Foundation, as well as funds under the management of EQT. As a global leader, the company’s ambition is to unlock human potential by making wonderful sound part of everyone’s life.

Please visit www.wsa.com

About T&W Medical

T&W Medical is a private holding and investment company jointly owned by the Tøpholm and Westermann families. The collaboration between the families began in 1956 with the founding of the hearing aid company Tøpholm & Westermann, later known as Widex. T&W Medical owns and invests in high technology companies within MedTech and life science that improve the quality of life for millions of people with health challenges such as hearing loss and epilepsy, including WS Audiology Group, T&W Holding, UNEEG medical, T&W Engineering and other group companies.

Please visit www.twmedical.com

About the Lundbeck Foundation

The Lundbeck Foundation is an enterprise foundation encompassing a comprehensive range of enterprise and philanthropic activities – all united by its strong purpose, ‘Bringing Discoveries to Lives’. The Foundation is the long-term, engaged and significant owner of several international healthcare companies – Lundbeck, Falck, ALK, Ferrosan Medical Devices and Ellab – and an active investor in business, science and people through its commercial investments in the financial markets, in biotech companies based on Danish research, and through philanthropic grants to science talents and programmes in Danish universities. The Foundation’s philanthropic grants amount to more than DKK 500m annually primarily focusing on the brain – including the world’s largest award for neuroscience, The Brain Prize.