Versione italiana

Techosp operates Milan-based Humanitas, that is what is known in Italy as an IRCCS (a Scientific Institute of Admission and Care), recognised by the Ministry of Health and Lombardy's Regional Government as a centre of excellence in terms of quality of its healthcare services and its ability to translate the results of research and innovation into everyday clinical practice.
Humanitas is also a teaching centre for the University of Milan's degree in Medicine and Surgery, Nursing and Biotechnologies.

Besides, Techosp operates Humanitas Gavazzeni in Bergamo, Humanitas Centro Catanese di Oncologia, Humanitas Mater Domini in Castellanza (VA) and Clinica Cellini in Turin.

Deal rationale:
- 2002/2005 - replacement capital
- innovative player with a brilliant management in a fast growing market;
- EV 156,7 mln (for 100%)
- Acquisition of a 15% stake

Added value:
ABN AMRO Capital acquired its minority stake from a pool of investors in 2002. Since then, Humanitas recorded a strong growth, doubling the surface of its hospitals, adding 300 beds and opening two news casualty departments. Istituto Clinico Humanitas has always compared itself with the best European hospitals and has taken part in various benchmarking projects as a means of preparing itself to meet the challenge of the opening of the European Health System.
It was this that led to the decision to certify the hospital's management model with the Joint Commission International. The Joint Commission is one of the most advanced systems of quality certification for healthcare facilities: it has accredited more than 17,000 in the United States, thus becoming the most important de facto reference for defining healthcare facilities from the points of view of both patients and public healthcare systems.
Humanitas is the first Italian hospital to obtain this important certification.

Financial evolution:   2002   2005
Sales   186.5   293.9
EBITDA   30.3   48.6

- in 2005 the stake was sold to an industrial operator;
- IRR 20.1% p.a.
- MM 1,85x


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