Gimv exits Eurocept homecare division

Katharine Hidalgo
23 October 2020

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Gimv has sold a stake in the home care division of Eurocept, a home care and pharmaceuticals company.

The company's founder, Mike van Woensel, also sold his stake in Eurocept home care.

The exit has no significant impact on the net asset value of Gimv as of 31 March 2020, according to a statement.

Utrecht-based Mediq is acquiring the division to broaden its portfolio of healthcare services and strengthen its position in home healthcare in Benelux. Mediq was de-listed by Advent in 2012 for €775m and acquired by Advent International GPE VII, which closed on €8.5bn in November 2012.

Mediq is currently in a sale process run by Rothschild, with Advent likely seeking a 10-12x multiple for the asset. The company generates EBITDA of €62-90m, according to a report by Unquote sister publication Mergermarket.

Previous funding
In 2014, Gimv acquired a minority stake in the capital of Eurocept home care. Though typically an evergreen investor, Gimv partly invested via its Gimv Health & Care Fund, which closed on €150m in March 2014 and invests up to €35m per transaction.

During the holding period, the company made several strategic acquisitions, such as Medizorg, Jadim and the Da Vinci Clinic, which expanded its service offering to include diabetes care, kidney dialysis at home, oncological aftercare and complex wound care.

Company
Founded in 2001 as one of three divisions, Eurocept's home care division has 400 employees. Its product and service portfolio offers a 'Hospital-at-home' offering with nutrition, home kidney dialysis, infusion care, complex wound care and oncology aftercare. The entire Eurocept group generates revenue of €400m.

People
Gimv – Elderd Land (partner).