Eurizon, the Group's asset management division Intesa Sanpaolo, signed an agreement to acquire, through the closed-end infrastructure fund dedicated to institutional investors called Eurizon ITER and the non-reserved closed-end infrastructure fund focused on retail customers Eurizon ITER ELTIF, a majority stake equal to 55% of Sapphire Group, an Italian company active in social and health care services.
This was announced by Eurizon itself, specifying that the transaction envisages the closing during 2023, subject to obtaining the authorizations from the competent authorities.
The Zaffiro group: what it does and who its current shareholders are
Founded in 1992 and with operational headquarters in Martignacco (Udine), the Zaffiro Group manages 31 nursing homes (RSA) for a total of approx. 2.600 already authorized beds, located in Friuli-Venezia Giulia, Piedmont, Marche, Liguria, Lombardy and Tuscany. The current shareholders of the Zaffiro Group are Mittel with 60% and Blustone with 40% (the latter headed by the founder Gabriele Ritossa).
Why Eurizon joins the Zaffiro group
The Zaffiro Group ranks among the leading operators in Italy in the RSA sector and is also in progressimportant growth programme, which in the coming years will lead to some expansions and the opening of 5-6 new facilities already in the pipeline and over 4.000 bed places when fully operational.
In terms of services provided and pathologies treated, the Group's structures provide assistance - in RSA or other protected residences - to self-sufficient and non-self-sufficient elderly people, Alzheimer's patients, psychiatric patients, the disabled and acute patients.
"The acquisition of the majority stake in the Zaffiro Group represents the entry point in the healthcare sector for the Eurizon ITER Funds", specifies the press release from the asset management. Nursing homes and, more generally, the segments of the silver economy and Long Term Care, driven by the aging population trend and a structural supply deficit that characterizes our country, represent one of the main focuses.
Eurizon in Sapphire: the details of the operation
The operation involves the acquisition by the Eurizon ITER funds of the majority of the Zaffiro Group, with a 55% share. Gabriel Ritossa will increase his stake to 45% and maintain the leadership of the company.
For the management of Eurizon ITER funds, Eurizon Capital SGR makes use of the specialist skills of Eurizon Capital Real Asset SGR and the consultancy of ITER Capital Partners, an advisory company founded by Ing. Vito Gamberale, together with three other managers with many years of experience in infrastructure investments, Mauro Maia, Matteo Ambroggio and Luigi Radice. Specifically, the operation was followed by Mauro Maia (Senior Partner and Chief Executive Officer), Matteo Ambroggio (Senior Partner and CIO), Luigi Radice (Partner), Cesare Sasso (Director) and Giorgio Rizzo (Associate).
