Houlihan Lokey Advises Vendis Capital

Houlihan Lokey is pleased to announce that Vendis Capital, the founders, and the management team (the shareholders) have sold Alpine Nederland B.V. (Alpine or the company), one of the leading international consumer brands providing passive hearing protection solutions, to Gimv NV (Gimv). The transaction closed on 10 July 2025.

Founded in 1994 and headquartered in the Netherlands, Alpine is a leading international brand in passive, premium consumer hearing protection. The company operates in more than 65 countries worldwide, benefiting from strong global omnichannel capabilities. Alpine offers an extensive product portfolio of high-quality earplugs and earmuffs, designed to meet the evolving needs of consumers worldwide. Backed by a strong management team with a proven track record, Alpine emphasises ESG principles, evidenced by its recently acquired B-Corp status and focus on reusable products.

The passive hearing solution market is growing rapidly, with Alpine standing out as one of the global leaders in a fragmented landscape. Its strong international presence and well-executed multichannel strategy—spanning OTC/retail, events, and e-commerce—position the company for sustained long-term growth. Alpine enjoys attractive margins and cash conversion, driven by scale advantage and premiumisation.

Vendis Capital is an independent investment company focused on the consumer sector in Europe. Working in partnership with experienced entrepreneurs and management teams, Vendis supports small to midsized consumer businesses in realising their growth potential and creating long-term value. Vendis has offices in the Netherlands, Belgium, France, Germany, and the Nordics.

Gimv is a European investment company listed on Euronext Brussels and a member of the Euronext BEL ESG Index. With more than 45 years of experience in private equity, Gimv currently has an investment portfolio of more than €1.6 billion. The portfolio contains around 61 companies with a combined turnover of €4.5 billion and more than 20,000 employees.

Houlihan Lokey served as the exclusive financial advisor to the shareholders.

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