06/2012Majority

Air Liquide takes majority stake in Orkyn

FRANCE Health Providers / Outpatient Care EV €300–700M

Context

Air Liquide entered into exclusive negotiations to acquire a controlling block of 70.49% of LVL Médical's share capital from the Lavorel family concert and other controlling shareholders. Simultaneously, the Lavorel family repurchased LVL Médical's German subsidiary for €80 million, such that Air Liquide's acquisition perimeter is limited to the French activities only. The transaction is subject to clearance from the French competition authority. Air Liquide intends to maintain continuity in LVL Médical's management.

Orkyn, which reported an EBITDA margin of [members only] in 2011, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

-> Deep-dive in Healthcare & Pharma market trends

Target

Orkyn (ex LVL Medical) is a leading French home healthcare services provider, recognised as one of the historical and most established players in this segment in France. The company specialises in the management of chronic disease patients at home, providing medical equipment, respiratory therapy devices, and follow-up services on medical prescription. Its service offering covers key pathologies including chronic obstructive pulmonary disease (COPD), sleep apnoea, and diabetes — conditions that require long-term, recurring home-based medical monitoring and equipment. Orkyn had built a strong operational infrastructure across France, with a nationwide network enabling patient coverage in both urban and rural areas.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2011

2010

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07/2012	MANAGEMENT & PRIVATE INVESTORS	LVL MEDICAL GERMANY	GERMANY	Outpatient Care
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REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Orkyn by Air Liquide are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: air liquide

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Orkyn, a French company specialised in Outpatient Care, by Air Liquide in 2012.

How was the acquisition of Orkyn by Air Liquide valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Orkyn’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Orkyn generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2011). Detailed financial figures are available to members.

How does the valuation of Orkyn compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 10x - 18x in 2012, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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