UK-based infrastructure fund Equitix bets on project finance in Italy. The fund signed an agreement yesterday in order to acquire a 54% stake in the capital of Asolo Hospital Service spa from Guerrato spa. MF-Milano Finanza writes today.
Asolo Hospital Service is a special purpose company which was founded by Guerrato, Camst, Coopservice, Servizi Italia and other minor sherholders in order to restructure and enlarge two hospitals in Castelfranco Veneto and Montebelluna, in Northern Italy, thanks to a special agreement signed with Veneto Region in September 2004 expiring in 2032.
Back in 2004 Asolo Hospital Service invested about 20 million euros in the deal (equity and a shareholders’ loan) and obtained a 79.8 million euro project loan maturing in June 2025 by banks (Unicredit , Banca Imi, Mps e Veneto Banca).
Guerrato spa is 100% owned by the Guerrato family and is a leader in facility management for hospitals and the healthcare sector with a 2 billion euros order backlog. Guerrato was supported by Mazars in finding the right acquirer for its stake as it will maintain a 10% stake in Asolo Hospital Service as well as all the existing facility management contracts. Guerrato actually aimed to free more capital in order to finance new projects while keeping firm its revenues and ebitda.
Equitix now operates through its third fund which raised 505 million pound, has been working since the end of 2013 and is now 80% invested. Equitix was advised by Hideal Partners and by Dla Piper law firm. Legal advisor to Guerrato was Bird&Bird, while lending banks were supported by Ashrust law firm.