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Mercapital seals €330m sale of Gasmedi to Air Liquide

20 Jul 2012

Mercapital has sold its stake in respiratory therapy specialist Gasmedi to French strategic buyer Air Liquide for an enterprise value of over €330m, netting the Spanish buyout house a 2.4 times return on its initial investment six years ago.

Gasmedi was founded in 1996 and specialises in respiratory therapies that are administered at home, as well as supplying medical gases to hospitals and clinics.

The company, which today has over 500 employees and cares for 125,000 patients, received its first investment from Mercapital in 2006, which bought a 70 per cent stake for €76m.

The business has since doubled the number of patients in its care, as well as doubling its turnover, which now stands at around €82m.

The news follows Mercapital’s recently agreed merger with Spanish mid-market buyout peer N+1 Private Equity, a move that will reinforce their respective international expansion strategies and create Spain’s largest private equity firm.

The new entity, N+1 Mercapital, will have €1.7bn of assets under management and a team of 29 investment professionals who currently manage investments in 26 companies.

A source close to the deal said the two firms had discussed the merger for quite some time to bolster their competitive presence in Europe, although talks accelerated within the last two months.

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