Italy's Garofalo Health picks Peninsula Capital as anchor investor
30/10/2018 14:27
MILAN, Oct 30 (Reuters) - Italy's Garofalo Health Care has
chosen private equity firm Peninsula Capital as anchor investor
for a planned listing on the Milan stock market, the company
said.
The private healthcare group, fully owned by the Garofalo
family, will place shares with institutional investors in a deal
valuing the group at up to 220 million euros ($250 million), it
said late on Monday.
The company said its board had set a price range of
3.34-3.67 euros per share for domestic and foreign institutional
investors.
Garofalo did not say how much of the company it intends to
list but said if the price was set at the low end of the range
Peninsula Capital would, after the exercise of a Greenshoe
option, hold 9.97 percent of the capital.
Market turbulence on concern over public spending by Italy's
new populist government has triggered sharp falls in Italian
stocks and bonds, prompting some companies to shelve stock
market flotations.
Last year Garofalo had revenue of 136.7 million euros with
core operating income of 24.9 million euros.
Credit Suisse CSGN.S and Equita EQUI.MI are joint global
coordinators in the operation. Lazard is financial adviser.
($1 = 0.8791 euros)
(Reporting by Stephen Jewkes
Editing by David Goodman)
((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))