Gimv Medi-Markt And Unizell Merge To Form Liveo Group

Medi-Markt and Unizell will merge to form Liveo group, who will be a highly capable supplier to the German homecare market specialising in the sophisticated, long-term care of chronically ill or impaired people in their home environment. The Liveo group will employ over 450 people. The group will operate throughout Germany and will achieve total combined sales of approximately €150.0m. Gimv will hold a majority interest in Liveo and will continue to grow the group with Jürgen van der Smissen. The transaction remains subject to the usual official approval and is expected to be completed in the coming weeks. Upon completion, the Liveo Group will be among Gimv's five largest portfolio companies. We welcome this news as after the merger is completed, Gimv will be the majority shareholder in the biggest homecare provider in Germany, a sector with strong growth prospects. We reiterate our BUY rating and €56.0 TP.