Mercapital has sold healthcare group Gasmedi to French corporate Air Liquide for an enterprise value of more than €330m.
Founded in 1996, Gasmedi specialises in respiratory therapies that are administered at home. In addition, the company supplies medical gases to hospitals and clinics. It has more than 500 employees and cares for 125,000 patients.
Mercapital acquired a 70 per cent stake in Gasmedi for €76m in 2006. Since then, it has doubled the number of patients in its care, and doubled turnover to €82m. The exit has made a 2.4x return for the firm and a capital gain of over €100m.
Since 1990 Mercapital has invested more than €300m in seven healthcare deals. In the six healthcare portfolio companies that it has exited, the firm has generated an average return of 2.5x on its original investment and capital gains of some €400m.
The news comes shortly after Mercapital announced it had merged with rival Spanish firm N+1.