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In a deal reportedly worth half a billion, Legrand will acquire Enovation from private equity firm Main Capital Partners to expand into the European healthcare space.
Legrand, the French electrical and network equipment provider, has shared plans to acquire Dutch digital healthcare platform Enovation as the multinational looks to new areas of growth.
In an announcement today (23 April), Legrand said it will acquire Enovation to expand its offerings in assisted living – a segment that has been grouped under brand Legrand Care for the past three years.
“By acquiring Enovation, Legrand Care strengthens its European leadership in technology and software solutions in the assisted living and health market,” the Limoges-headquartered company wrote.
Enovation is a health-tech company based in Rotterdam that develops software for the healthcare industry. Initially operating in the Dutch market, Enovation got a significant investment from Main Capital Partners in 2018, following which it rapidly expanded across Europe.
Now, Enovation hopes that the acquisition by Legrand will leverage the “joint expertise and knowledge” to help it continue building a sustainable healthcare system that is more accessible.
“The past six years, Enovation was able to substantially improve its international profile and market position,” said Jeroen van Rijswijk, CEO of Enovation.
“This new chapter marks a wonderful next step for Enovation, and we are excited to join Legrand Care and serve our clients even better, as we now have access to a lot of new expertise as well as great international execution power.”
According to people familiar with the matter approached by Bloomberg, the acquisition is valued at more than €500m. Legrand said in its announcement that Enovation employs more than 350 people and has annual sales in excess of €60m.
“We believe that a combination of Legrand Care with Enovation is a key milestone and mutually beneficial,” said Chris Dodd, CEO of Legrand Care. “The wider business of Enovation will provide Legrand Care with a new long-term growth engine.”
Legrand made a second acquisition announcement today: Indian data centre company Netrack. Based in Bangalore, Netrack employs more than 250 people and has an annual revenue of around €10m.
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