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Investments

William Demant Invest A/S is the holding company for William Demant Foundation’s investment activities. Both entities have identical Boards of Directors although voting rights and decisions to buy or sell Demant A/S shares are exercised and made by William Demant Foundation. William Demant Foundation has communicated a 55-60% ownership interval in Demant A/S.

The wholly-owned relationship between William Demant Foundation and William Demant Invest A/S as well as the identical Boards of Directors ensure that investments are carried out in respect of the charter of William Demant Foundation along with the investment strategy outlined in William Demant Invest A/S. 

 
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Demant A/S

Demant A/S is a leading global company that develops, manufactures and sells hearing instruments, hearing implants, diagnostic instruments and personal communication devices, and the company is behind the commercial successes of such world-renowned brands as Oticon, Bernafon, Sonic, Oticon Medical, Maico, Interacoustics, Grason-Stadler and EPOS. The Group operates in a global market with companies in more than 30 countries, has almost 16,000 employees and generates annual revenues of around DKK 15 billion. Their products are sold in more than 130 countries. Demant A/S was listed on Nasdaq Copenhagen in 1995.

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Össur hf.

Össur is a global leader in non-invasive orthopedics, focused on delivering innovative solutions in the prosthetics and bracing and supports market. The company was founded in 1971, is headquartered in Iceland and operates with 3,500 employees in 26 countries. In 2020, Össur generated revenue of USD 630 million with an EBITDA margin of 15%. Össur has been listed on the Icelandic Stock Exchange since 1999 and on Nasdaq Copenhagen since 2009.

William Demant Invest started investing in Össur in 2004 and has continually bought up Össur shares. Today, William Demant Invest is the largest shareholder with approx. 52% ownership.


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Vision RT Ltd.

Vision RT is a UK-based pioneer and leading manufacturer of surface guided radiation therapy (SGRT). The company, which was founded in 2001 by three visionary scientific academics, has pioneered the market of SGRT and is currently the undisputed market leader. The company develops and manufactures camera systems that improve the efficiency, efficacy and patient comfort during radiation therapy cancer treatment. The company has seen very strong growth over the last couple of years, increasing the number of employees to more than 250 in 2020, while still maintaining a very attractive double-digit EBITDA margin.

William Demant Invest acquired approximately 89% of the shares in Vision RT in 2018.

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Vitrolife AB

Vitrolife was founded in 1994 and was one of the first companies to deal with IVF treatment. Today, Vitrolife is an international medical device Group for assisted reproduction. The Fertility product area develops, produces and markets medical devices for assisted reproduction. Work is also carried out to enable the use and handling of stem cells for therapeutic purposes. Vitrolife has approx. 400 employees and the company’s products are sold in about 110 markets. The company is headquartered in Gothenburg, Sweden, and in 2020, the company’s revenue arrived at SEK 1,246 million with an EBITDA margin of 36%.

William Demant Invest started investing in Vitrolife in 2014, selling its ownership of FertiliTech shares to Vitrolife. Today William Demant Invest owns approx. 27% of the company.

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CellaVision AB

CellaVision is a global leader of digital solutions for medical microscopy in the field of hematology, replacing conventional microscopes by innovative digital and automated solutions. The company develops analysers, software and applications that make it easier, faster and more efficient to carry out blood cell analysis, ranging from among others pre-classification of white-blood cell types to morphological characteristics of red-blood cells.

Today, CellaVision is the only serious provider of a commercial viable solution in the hematology market, with an estimated market penetration rate of around 21%. In 2020, CellaVision’s revenue amounted to SEK 471 million with an EBITDA margin of 30%.

William Demant Invest started investing in CellaVision in 2017 and is today the largest shareholder with approx. 20% ownership.

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REVENIO OYJ

Revenio Group is a Finnish medtech company operating within development and manufacturing of diagnostic screening devices for eye diseases. Revenio's business operations include patient-driven screening, diagnostics and follow-up monitoring of ophthalmologic diseases. The company focus on developing efficient and easily adopted methods for the early-stage detection of globally prevailing eye diseases, including glaucoma, diabetic retinopathy, macular degeneration and cataract as well as the monitoring of these during the treatment process. In addition, Revenio also, albeit at an early stage of commercialisation, develops systems that support the diagnosis of skin cancer and asthma in small children and planning their treatment.

Revenio is headquartered in Helsinki, Finland, and has approx. 130 employees. In 2020, the company’s net sales totaled EUR 61 million with an adjusted EBITDA margin of 36%. Revenio Group is listed on Nasdaq OMX Helsinki.

William Demant Invest started investing in Revenio in 2018 and is today the largest shareholder with approx. 14% ownership.

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INVISIO AB

INVISIO is a Danish company operating within advanced communication systems that help professionals in noisy and mission critical environments to work more safely and effectively while protecting their hearing.

The company offers personal communication equipment and hearing protection and an intercom system for defense and security customers. The personal equipment reduces high noise levels and enables disruption-free communication in noisy and mission critical environments. The product portfolio includes headsets, control units and cables. The intercom system enables users of personal equipment to communicate within a group in a vehicle as well as with individuals in the field while being on the move.

INVISIO is listed on Nasdaq OMX Stockholm and headquartered in Copenhagen, Denmark, and has approx. 185 employees. In 2020, net sales amounted to SEK 532 million with an EBITDA margin of 20%.

William Demant Invest started investing in INVISIO in 2020 and today owns a approx. 7% of the company.

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Jeudan A/S

The Jeudan group is Denmark’s largest publicly listed real estate and service company. The group’s activities consist of investment in and operation of commercial and residential properties, mainly in Copenhagen, and a complete offering of advisory services and building within real estate – through Jeudan Servicepartner. In 2019, Jeudan’s revenue arrived at DKK 1,566 million, powered by a portfolio of more than 200 properties with a book value of DKK 28 billion. The company has approx. 600 employees.

The group’s strategy aims at continued growth and profitability based on the values “Orderly, Competent and Accessible”. William Demant Invest started investing in Jeudan in 2004 and has continually bought up Jeudan shares. Today, William Demant Invest is, with approx. 42% of the ownership, one of the two largest shareholders.

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Borkum Riffgrund 1

In 2012, William Demant Invest A/S entered into a joint operation with KIRKBI and DONG Energy (now Ørsted) to construct a wind farm in the North Sea at the German coast. The wind farm consists of 78 Siemens 4.0 MW turbines with a total capacity of 312 MW and is capable of providing green energy to 320,000 German households.

The 50% ownership in Borkum Riffgrund 1 is held by Boston Holding A/S, where William Demant Invest A/S owns 37% and KIRKBI the remaining 63%. Ørsted owns the other 50% of Borkum Riffgrund 1.

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Founders A/S

Founders is a Danish-based start-up studio specialised in building disruptive tech companies from scratch. The company aims at being the best possible co-founder for ambitious entrepreneurs on the journey from “zero to traction”.


Founders was founded in 2012, is headquartered in Copenhagen, Denmark, and currently has a portfolio of around 15 companies, including Pleo, Kontist, Snappcar and LifeX. Founders has since it was founded been equally owned by William Demant Invest, KIRKBI and Heartland.


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