Legrand Press release
Legrand announces the signature of a joint venture agreement(1) with Neat, Spain’s leader in assisted living and a major player in this market Europe-wide
Legrand becomes Europe’s second-largest player in the promising assisted living market
Following its 2011 acquisition of Intervox, France’s leader in electrical systems dedicated to assisted living, and then, in 2013, Tynetec, a frontrunner in this field in the United Kingdom, Legrand today announced the signature of a joint venture agreement(1) with Neat, Spain’s leader of systems for assisted living and a major player in this market Europe-wide.
With this operation, Legrand−already a frontrunner in the “silver economy”−strengthens its positions in assisted living and becomes second in Europe in this field, with in particular no. 1 or no. 2 positions in the major European markets: France, Great-Britain, Spain and Germany.
This market segment holds promising long-term potential and will be underpinned by:
- rising demand from seniors, most of whom wish to live independently in their own homes and
- public authorities supporting the principle in particular on economic grounds as senior citizens account for a fast-growing proportion of the population(2).
Neat offers an ideal complement to Legrand’s existing offer, which includes a range of solutions that promote quality of life for seniors living at home or in specialized institutions with dedicated products including easy-fit sockets, lighting paths to prevent falls, nurse calling systems or terminals for remote assistance.
Based in Madrid, Neat has 90 employees and annual revenues of over €15 million.
¹ The completion of the transaction is subject to customary conditions precedent. Legrand holds 51% of equity.
² According to the World Population Ageing Report 2013 from the UN, by 2050, the world’s population is expected to include 3.3 times as many people over 80 as today.
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