LVL MEDICAL GERMANY acquired by MANAGEMENT & PRIVATE INVESTORS
Context
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 in 2009, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
LVL Medical Allemagne is the German subsidiary of LVL Médical Groupe SA, a French home healthcare services group. Operating on the same model as its French parent, the German entity provides home-based medical services and equipment to patients suffering from chronic conditions, developing an intensive care delivery model structured around small local units combining strong field presence, patient proximity, and high-level technical services.
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|---|---|---|---|---|
| 01/2015 | CERBA HEALTHCARE | NOVESCIA | FRANCE | Labs (Biology) |
| 10/2014 | WATERLAND | MEDIAN KLINIKEN | GERMANY | Clinics / Hospitals |
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| 03/2014 | EQT PARTNERS | I-MED RADIOLOGY NETWORK | AUSTRALIA | Radiology |
| 06/2012 | AIR LIQUIDE | ORKYN (EX LVL MEDICAL) | FRANCE | Outpatient Care |
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| 06/2010 | PAI PARTNERS | CERBA HEALTHCARE | FRANCE | Labs (Biology) |
| 05/2010 | HG CAPITAL | FRÖSUNDA | SWEDEN | Healthcare Facilities |
| 03/2010 | BRIDGEPOINT | CARE UK | UNITED KINGDOM | Nursing Homes |
REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 50M - 100M EUR
EBITDA range: 5M - 25M EUR
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