Our investments

  • William Demant Invest is the majority shareholder in Demant, the leading global hearing healthcare company, Embla Medical, a global leader in non-invasive orthopaedics, as well as Vision RT, a market-leading UK-based medtech company.

  • The investment company also has significant holdings in Vitrolife (assisted reproduction), CellaVision (medical microscopy in the field of hematology), Revenio (ophthalmologic screening and diagnostics), Jeudan (real estate), INVISIO (personal communication equipment and hearing protection), GN Store Nord (hearing healthcare and audio solutions) and Pleo (company payment card solutions). 

Strategic long-term investments

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Other investments

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Below is a short description of strategic long-term investments


Demant A/S

Demant A/S is a leading global company that develops, manufactures and sells hearing instruments, diagnostic instruments and personal communication devices, and the company is behind the commercial successes of such world-renowned brands as Oticon, Bernafon, Sonic, Maico, Interacoustics, Grason-Stadler and EPOS. The Group operates in a global market with companies in more than 30 countries, has around 20,000 employees and generates annual revenues of more than DKK 19 billion. Their products are sold in more than 130 countries. Demant A/S was listed on Nasdaq Copenhagen in 1995.

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Embla Medical

Embla Medical 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 almost 3,900 employees in 26 countries. In 2022, Embla Medical generated revenue of USD 719 million with an EBITDA margin of 16%. Embla Medical has been listed on the Icelandic Stock Exchange since 1999 and on Nasdaq Copenhagen since 2009.

William Demant Invest started investing in Embla Medical in 2004 and has continually bought up Embla Medical shares. Today, William Demant Invest is the largest shareholder with approx. 51% 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 almost 270 in 2022, while still maintaining a very attractive double-digit EBITDA margin.

William Demant Invest acquired approximately 93% 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 healthcare company active within reproductive treatment focusing on medical equipment and consumables for IVF treatment as well as genetic testing services and labs. Vitrolife has more than 1,100 employees and the company’s products are sold in about 110 markets. The company is headquartered in Gothenburg, Sweden, and in 2022, the company’s revenue arrived at SEK 3,234 million with an EBITDA margin of 33%.

William Demant Invest started investing in Vitrolife in 2014, selling its ownership of FertiliTech shares to Vitrolife. Today William Demant Invest owns approx. 29% 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 commercially viable solution in the hematology market, with an estimated market penetration rate of around 26%. In 2022, CellaVision’s revenue amounted to SEK 639 million with an EBITDA margin of 31%.

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 operates within ophthalmological devices and software solutions for eye care. The company develops tonometers (intraocular pressure measurement device), fundus imaging devices, perimeters and clinical software solutions under the iCare brand focusing on early-stage detection of globally prevailing eye diseases, including glaucoma, diabetic retinopathy, age-related macular degeneration (AMD) and cataract as well as the monitoring of these diseases during the treatment process.

Revenio is headquartered in Helsinki, Finland, and has almost 200 employees. In 2022, the company’s net sales totaled EUR 97 million with an adjusted EBITDA margin of 34%. 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. 19% ownership.

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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 more than 200 employees. In 2022, net sales amounted to SEK 776 million with an EBITDA margin of 15%.

William Demant Invest started investing in INVISIO in 2020 and today owns approx. 18% 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 2022, Jeudan’s revenue arrived at DKK 2,001 million, powered by a portfolio of more than 200 properties with a book value of almost DKK 35 billion. The company has more than 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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