Transaction details

Ethica Debt Advisory advised Mittel S.p.A. in structuring the financing for the acquisition of the Zaffiro Group

Ethica Debt Advisory advised Mittel S.p.A., an investment finance company listed on the Milan Stock Exchange, in structuring the loan for the acquisition of 75% of the Zaffiro Group, an Italian healthcare sector player.

Dr. Gabriele Ritossa remains a shareholder of Zaffiro, through an investment of 25% of the capital, is also appointed as Chief Executive Officer.

Zaffiro, founded in 1992 by Dr. Gabriele Ritossa and Dr. Riccardo del Sabato, operates in the healthcare sector, offering long-term care services to elderly patients, not self-sufficient or with serious illnesses. The Group currently consists of 8 structures, 4 in Friuli Venezia Giulia and 4 in the Marche, for a total of around. 900 beds. The expected turnover for 2016 is approximately 24€M, with an Ebitda of approximately €4 mln.

Rosario Bifulco, Managing Director of the Mittel Group, declared: “Entering into Zaffiro Group has been a relevant opportunity as it allows us to support the growth process of an excellent Italian medium-sized company in an industrial optics and to proceed in our investment-merchant bank strategy focused on majority investments in Italian companies with high cash generation. We will provide our controlled company with all our best skills to further enhance the already excellent competitive and profitable position of the Zaffiro Group. We aim to develop the company, together with management, also through acquisition operations, as we believe this sector has solid development and consolidation opportunities, if we compare the average size of Italian groups with those of the main European competitors”.