Vendis Capital to sell Alpine Hearing Protection to Gimv

Vendis Capital today announced it has signed an agreement to sell Alpine, one of the leading international consumer brands providing passive hearing protection solutions, to Gimv.

Alpine, founded in 1994 and headquartered in the Netherlands, is a leading international A-brand in passive consumer hearing
protection. The company operates in more than 65 countries worldwide, benefiting from strong global omni-channel
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 emphasizes ESG
principles, evidenced by its recently acquired B-Corp status and focus on reusable products.

Since the investment from Vendis Capital in 2018, Alpine has transitioned from a founder-led organisation to a business
managed by a broad and experienced team led by CEO Arthur van Keeken. The business introduced a clear strategic roadmap,
driving strong sales growth across multiple targeted channels online and offline. Next to its own successful webshop, it
established a robust marketplace presence in Europe and the US. Offline distribution was strengthened through focused key
account management in OTC retail, while Alpine continued to build its leadership in the events and venues channel. Alpine
has the most comprehensive portfolio with premium products, which it continuously innovates through new introductions,
such as the recent launches of the Baby Muffy 2.0 and the Alpine Silence and Alpine Tune. Through a selective Buy & Build
strategy, Alpine integrated Thunderplugs in the Netherlands and Acoufun in France.

Vincent Braams, Managing Partner at Vendis Capital: “We truly enjoyed supporting Arthur and his team in scaling the Alpine
brand and are proud of the significant growth achieved during our investment period. The company is now well-positioned
across all key pillars (brand, go-to-market, product, organisation) to sustain its strong growth trajectory. With Gimv as a new
partner, we are confident Alpine will continue to thrive. We are thankful to the management team for a successful and
enjoyable partnership, and we look forward to following Alpine’s continued success in this next chapter.”

Arthur van Keeken, CEO at Alpine, adds: “We are looking back on an outstanding collaboration with Vendis. We have grown
the company sevenfold, elevated the Alpine brand, strengthened our product portfolio, and combined that with a strong
omnichannel go to market strategy. At the same time, we have reinforced the organization by building a sustainable, scalable
platform for future growth. We are excited about working with Gimv because we share the same ambition and vision to
further accelerate our growth journey and important mission as a premium hearing protection brand.”

Patrick Franken and Jelle Assink, Partner and Principal in Gimv’s Consumer team add: “We are very excited to partner with
the Alpine team and support them on their mission to shape the future of hearing protection. As the world grows louder,
consumers are becoming increasingly aware of the importance of protecting their hearing. With its strong brand, an
innovative product portfolio and broad international multi-channel reach, Alpine is uniquely positioned to elevate the global
consumer awareness and lead the shift toward reusable hearing solutions. Alpine can count on Gimv on their growth journey,
strengthening Alpine’s presence in key markets and exploring new opportunities for sustainable, long-term growth.“

Vendis Capital was advised by Houlihan Lokey (corporate finance), Florent (legal), OC&C (commercial), Deloitte (financial and
tax). The transaction remains subject to the works council advisory procedure.