Concomitantly with the Air Liquide acquisition of LVL Médical's French activities, the Lavorel family agreed to acquire 100% of LVL Médical Allemagne from LVL Médical Groupe. The transaction was structured as a mandatory prerequisite to the Air Liquide deal, as the latter's acquisition perimeter was explicitly limited to the French operations. The carve-out ensures a clean separation between the French and German businesses, with Air Liquide retaining full focus on the French home healthcare market and the Lavorel family continuing to develop the German operations autonomously. The transaction was agreed upon on a concurrent basis with the broader LVL Médical deal, with both closings expected in Q3 2012.

LVL MEDICAL GERMANY, which reported an EBITDA margin of LOGIN in 2009, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Healthcare & Pharma sector (13.3x).

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