Salt Creek Capital has acquired Carefree Hearing Inc, a Miracle-Ear franchisee. No financial terms were disclosed. Miracle-Ear is a seller of hearing aid devices and accessories.
Menlo Park, California – July 10, 2017 – Salt Creek Capital is pleased to announce the formation of Safe in Sound Hearing, LLC and the business acquisition of Carefree Hearing, Inc., a nationally recognized and awarded franchisee of Miracle-Ear. Miracle-Ear is an industry leading seller of hearing aid devices and accessories. The company operates 16 locations throughout the greater Phoenix and Arizona markets.
Robert Hickman, incoming CEO, stated, “We bought an exceptional business with an outstanding reputation for delivering the highest quality products and care to its customers.” Robert, who joined Salt Creek Capital as Executive Partner in 2016, continued, “Bob Baber, the founder and previous CEO, created one of the most highly regarded operations in the Miracle-Ear franchise organization, and we are delighted to have the opportunity to sustain and grow the company’s legacy of high levels of customer service and care.”
Bob Baber, who purchased the Miracle-Ear franchise agreement in Arizona in 1992, commented, “Leading the company over the past 25 years was a true privilege. I am proud of the quality service the team provides to our valued customers, and I am confident that our high standards of quality will be maintained and improved under the leadership of Robert and with support from Salt Creek Capital.”
“Completing the acquisition was an exciting event,” stated Dan Mytels, Managing Director of Salt Creek Capital. “We are eager to begin working with the management team and Robert to position the company for continued growth and success. Robert brings unique talent to the organization, which we believe will help take this business to the next level.”
About the Franchisee
The company distributes high quality hearing aids, parts and accessory products for the hearing impaired under the Miracle-Ear trademark. The company operates out of 16 retail locations throughout Arizona, with exclusive and protected territorial rights to the Miracle-Ear brand across most of the state. Miracle-Ear is a top recognized brand and one of the largest retailers of hearing aids in the United States. More information is available at www.miracle-ear.com.
About Salt Creek Capital
Salt Creek Capital is a San Francisco Bay Area-based private equity firm partnering with experienced operating executives to acquire profitable companies with up to $100 million in revenue. Salt Creek takes a long-term approach to investing in lower middle market businesses and seeks to create value by working closely with management teams to accelerate growth and to improve the operating efficiency of its portfolio companies. More information is available at www.saltcreekcap.com.