Press release


The Hague (NL) & Antwerp (BE), 24 June 2025, 17:45 CET



Gimv invests in Alpine to support its growth ambition and
enhance its leading position in consumer hearing protection
Gimv acquires a majority stake in Alpine, one of the leading international consumer
brands providing passive hearing protection solutions, from Vendis Capital, the
founders and management team. The management team reinvests part of its
proceeds and teams up with Gimv to realize the next growth chapter of the
company.

Alpine (www.alpine.nl), founded in 1994 and businesses that promote long-term consumer
headquartered in the Netherlands, is a leading well-being while driving positive environmental
international brand in passive, premium and social impact.
consumer hearing protection. The company
operates in more than 65 countries worldwide, Patrick Franken and Jelle Assink, Partner and
benefiting from strong global omni-channel Principal in Gimv’s Consumer team, declare:
capabilities. Alpine offers an extensive product “We are very excited to partner with the Alpine
portfolio of high-quality earplugs and earmuffs, team and support them on their mission to
designed to meet the evolving needs of shape the future of hearing protection. As the
consumers worldwide. Backed by a strong world grows louder, consumers are becoming
management team with a proven track increasingly aware of the importance of
record, Alpine emphasizes ESG principles, protecting their hearing. With its strong brand,
demonstrated by its recently acquired B-Corp an innovative product portfolio and broad
status and focus on reusable products. international multi-channel reach, Alpine is
uniquely positioned to elevate the global
The passive hearing solution market is growing consumer awareness and lead the shift toward
rapidly, with Alpine standing out as one of the reusable hearing solutions. Alpine can count on
global leaders in a fragmented landscape. Its Gimv on their growth journey, strengthening
strong international presence and well- Alpine’s presence in key markets and exploring
executed multi-channel strategy - spanning new opportunities for sustainable, long-term
OTC/retail, events, and e-commerce - position growth.”
the company for sustained long-term growth.
The company enjoys attractive margins and Koen Bouckaert, Managing Partner Gimv
strong cash conversion, driven by scale Consumer, declares: “The Consumer
advantage and premiumization. investment in Alpine is another proof point that
Gimv is willing and able to deploy larger
As a premium, purpose driven consumer brand investment tickets in fast-growing, more mature
Alpine perfectly fits Gimv Consumer’s companies, supported by long-term
investment focus. The hearing protection fundamental trends and enabled by a
market is benefiting from powerful underlying seasoned management team.”
trends, including increased health awareness,
a growing demand for more premium reusable Arthur van Keeken, CEO of Alpine, declares:
alternatives, and a heightened focus on ESG. “We are delighted to be partnering with Gimv,
As consumers shift away from disposable united by a clear ambition and vision. Over the
products toward innovative, sustainable past years, Alpine has firmly strengthened its
solutions, Alpine is well-positioned to lead this position as a leading player in the fast-growing
transformation. The partnership reflects Gimv’s premium hearing protection market. At the
commitment to supporting consumer same time, we have transformed our internal




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
The Hague (NL) & Antwerp (BE), 24 June 2025, 17:45 CET

Press release



organization into a professional and
sustainable growth platform. Thanks to this About Gimv
strong foundation, we are fully ready for the
next step — and Gimv is the perfect fit. With Gimv is a European investment company, listed
Gimv by our side, we are confident that we can on Euronext Brussels and a member of the
further accelerate our growth and mission.” Euronext BEL ESG Index. With over 45 years'
experience in private equity, Gimv currently has
The size of this investment is in line with Gimv’s an investment portfolio of more than EUR 1.6
strategic ambition to increase the average billion. The portfolio contains around 61 portfolio
ticket size of its investments. Alpine directly companies, with combined turnover of EUR 4.5
enters the top 5 participations in Gimv's current billion and more than 20,000 employees.
portfolio. No further financial details on this
transaction are being disclosed. The As a recognized market leader in selected
transaction remains subject to the works investment platforms, Gimv identifies
council advisory procedure. entrepreneurial, innovative companies with high
growth potential and supports them in their
transformation into market leaders. Gimv's five
investment platforms are Consumer, Healthcare,
Life Sciences, Smart Industries and Sustainable
Cities. Each platform works with an experienced
team across Gimv’s home markets of Benelux,
France and DACH, supported by an extended
international network of experts.

Further information on Gimv can be found on
www.gimv.com.

For further information please contact:

Patrick Franken, Partner Consumer
T +31 70 3 618 625
patrick.franken@gimv.com




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 2