Bay Audio, a chain of audiologists founded by two Kiwi entrepreneurs, has been sold for A$550 million ($584m) to Amplifon, the world's largest hearing aid retailer.
The company, which has around 100 retail outlets in shopping malls in Australia, was founded in 2007 and initially run as a joint venture between Peter and Anya Hutson with Abano Healthcare.
In 2009 the New Zealand arm of the business, Bay Audiology was sold to focus on expansion in Australia. The New Zealand business was later sold to Amplifon, which is headquartered in Milan, Italy, in 2010 for $157.8m.
Amplifon has now acquired the Australian business.
"I am delighted that Bay Audio finds a new home in the Amplifon Group and is reunited with the Bay Audiology business in New Zealand. Both Bay Audio and Amplifon are best in class retailers with an extraordinary focus on customer experience and people development," Peter Hutson said in a statement.