Cassiopea Partners is acting as financial advisor to Antin Infrastructure Partners (“Antin”) in the acquisition of a majority stake in Hippocrates Holding S.p.A. (“Hippocrates” or the “Company”).
Hippocrates is the leading Italian independent pharmacy platform with a network of over 120 pharmacies, mainly concentrated in the regions of central and northern Italy and in particular Lombardy, Veneto and Emilia-Romagna, with about 800 employees. Founded by co-CEOs Davide Tavaniello and Rodolfo Guarino in 2018 with an industrial and long-term investment rationale, Hippocrates is uniquely positioned to take advantage of the substantial growth opportunities in the proximity healthcare sector.
With the support of Antin Infrastructure Partners, Hippocrates enters a new stage of development. The growth plan will focus on the continued expansion of the network and the delivery of best in class service to patients, with the aim of becoming the leading proximity healthcare provider in Italy.
Both co-founders are reinvesting in the business and will retain their current roles as co-CEOs. Additionally, a number of the current Italian shareholders are expected to remain invested in the business.
Antin Infrastructure Partners is a leading independent infrastructure firm. Based in Paris, London and New York, and fully owned by its 14 partners, the firm employs over 100 professionals. Antin targets majority stakes in infrastructure businesses in the social, telecom, energy and environment and transport sectors. The firm has raised close to €15 billion from more than 180 blue chip international institutional investors across four funds and has made 27 investments to date.
Even though most of the due diligence activities and negotiations took place during the pandemic crisis due to the spread of COVID-19, the parties reached a mutually satisfactory agreement.
Davide Tavaniello and Rodolfo Guarino, who will remain key shareholders and co-CEOs of Hippocrates, stated: “We are thrilled to partner with Antin, a highly experienced, long-term investor with a proven track record of growing and developing its portfolio companies. With Antin’s support, Hippocrates will continue enhancing the quality of service we offer patients to fully meet their health needs, while promoting innovation in the sector. This partnership fully reflects the long-term objectives of the company.
Dr. Angelika Schöchlin, Senior Partner of Antin Infrastructure Partners, commented: “We are delighted to partner with such successful Italian entrepreneurs as Davide and Rodolfo to support the next stage of Hippocrates’ development.”
Stefano Trentino, Founding Partner of Cassiopea Partners, asserts: “We are very proud of having assisted Antin in this important and landmark transaction and this deal further underscores our track record in specialised retail and infrastructure sectors”
Alongside Cassiopea Partners, Antin was assisted by Citigroup as financial advisor, White & Case and Bonelli Erede as legal advisors, EY as tax and accounting advisor, Bain & Company as business advisor, AON as insurance advisor and eFM as technical advisor
Closing is expected to take place in Q1 2021.
