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Hg sells German audio brand Teufel to Naxicap Partners
Hg announced the sale of European direct-to-consumer online audio solutions brand Teufel to French private equity firm Naxicap Partners on Monday.
The London-listed company said Teufel's ability to control its entire value chain put it in a unique position, and enabled it to offer better value for money to its customers.
Based in Berlin with around 200 employees, Teufel was focused on the mid-to-high-end segment of the audio solutions market and had built a "very strong" customer base over the last 40 years.
"We are very happy to be joining forces with Naxicap Partners, a very successful and experienced investor in the field of consumer audio," commented Sascha Mallah and Joachim Wimmers of Teufel in a statement.
"Together we are going to tap Teufel's full potential across new markets."
Mallah and Wimmers said Teufel would continue to offer its core products, such as AI speakers, headphones, portable audio and compact home cinema, to a wider direct customer base.
"We want to thank Hg for their strong commitment over the years and highly valuable support.
"The future will be loud!"
Since Hg partnered with Teufel in 2010, it had supported the successful transition from a traditional loudspeaker company to a high-quality brand for state-of-the-art audio solutions, through the introduction of new categories and technologies, including wireless streaming, headphones and portables.
"We wish Sascha and Joachim well for the next phase of growth and we congratulate them and the team at Teufel for the great results over the last few years," said Martin Block and Stefan Margolis of Hg in a joint statement.
"Teufel has achieved a number of milestones during this time, including the acquisition of Raumfeld in 2010 and substantial revenue growth, increasing from around 40m to over 100m today."