Air Liquide is pursuing the development of its activities in the home healthcare sector and announces that it has entered into an agreement to acquire Gasmedi, Spain’s third player in this field.
Once completed, this transaction would enable Air Liquide to gain full control of Gasmedi for an enterprise value of € 330million. Gasmedi is a major provider of home healthcare services in Spain. Gasmedi’s 2011 revenues amounted to € 82 million, up by 13 % compared with 2010.
Active in this business for more than 15 years, Gasmedi has more than 500 employees and takes care of 125,000 patients in 14 of Spain’s 17 regions. The company specialises in home respiratory assistance, including oxygen therapy and the treatment of sleep apnea. In addition, Gasmedi produces and distributes medical gases to hospitals and clinics.
Air Liquide intends to pursue further the development of its home healthcare activities in Spain through its affiliates, by ensuring management continuity and by relying upon the expertise and commitment of its teams.
This acquisition is subject to the approval of the Spanish Competition Authority, and is expected to be completed in the fourth quarter of 2012.
Pascal Vinet, Vice President, Healthcare Global Operations and member of the Group Executive Committee, commented: “This acquisition will strengthen our position in home healthcare in Spain, where Air Liquide is already present. The combination of Gasmedi’s performance and its expertise, in addition to the innovation capacity of Air Liquide, will enable us to continue to develop our activities for the benefit of all our patients.”
“This acquisition confirms our leadership position in the European home healthcare market and illustrates the capacity of Air Liquide to stimulate organic growth but also to choose projects that create value, in the short as well as the long term. In just 25 years, we have built amodel founded on expertise, innovation and long-termperformance. Health is one of the Group’s growth drivers.”
In February of 2011, the formerly independently owned Gasmedi, opened a new medical and industrial gases facility near Zaragoza.
The facility comprises an Aspen 1000 (30 tpd) ASU supplied by Cosmodyne in the US which produces liquid oxygen to medical grade standards, as well as liquid nitrogen. Furthermore, a tank farm of six cryogenic storage vessels surrounds the ASU and was supplied by local tank manufacturer, Ros Roca Indox.