Angelino Alfano and his return to politics. Photo Lapresse
San Donato Group ready to open capital: the Rotellis are looking for partners
The Rotelli family is concentrating its efforts on the possible opening of the capital of the healthcare giant Gruppo San Donato, known for its medical excellence such as the 18 hospitals of San Donato, San Raffaele and Galeazzi. In the past months, the search for a financial partner was started to support the growth of the medical reality, led by vice presidents Paolo Rotelli and Kamel Ghribi, both of the third generation of Milanese entrepreneurs, with a contingent of 18,000 doctors.
According to Corriere della Sera, interest on the market is now intensifying with an exploratory assignment entrusted to Morgan Stanley, which is exploring opportunities to identify a financial partner capable of supporting investments. We are looking for a financial investor, possibly a sovereign wealth fund or private equityy, to which the family could cede a stake of up to 40-50%. In the past, there had been an analysis of opening up a partner with Rothschild, but without success. Investment banks are now once again involved in bringing applications to the group, which is currently in a significant phase of development.
Kamel Ghribi is currently in Iraq to sign an agreement for the construction of a smart clinic, the first in the country, as part of a plan that saw the San Donato Group protagonist of agreements in Saudi Arabia, Libya, Egypt and Tunisia through Gskd, an operating company 50% controlled by the Rotellis and Ghribi himself. San Donato has invested 800 million euros to modernize hospital facilities in the last three years and acquired 70% of American Heart of Poland for around 350 million euros, projecting the group’s revenues to 3 billion in 2023, compared to 1.88 billion in 2022.
Although the main route is a listing, the group could consider an intermediate step by involving an investor. This is motivated by the need for time to grow further and increase profitabilityespecially after the reduction of Covid reimbursements which led to a 155 million drop in EBITDA in 2022. According to Il Sole 24 Ore, the IPO or opening to a minority are now considered crucial steps after the reorganization of the group.
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