AXA PE doubles up in Italian healthcare

The French fund manager is to increase its stake from 40% to 80% in HISI, which invests in concessions – mainly in the healthcare sector.

AXA Private Equity, the Paris-based fund manager, has agreed to acquire an additional 40 percent stake in Holding di Investimenti in Sanita e Infrastrutture (HISI) through its infrastructure funds.

Following the deal, in which the vendor is Italian bank Unicredit, AXA PE will own 80 percent of the business, having already held 40 percent. The remaining 20 percent is owned by Techint Group, an Argentinian/Italian conglomerate.

HISI is a holding company which invests in infrastructure concessions, particularly in the healthcare sector.

It owns 65 percent of Genesi Uno, an Italian project company awarded a 28-year concession to design, build and operate a 550-bed hospital in Legnano, Lombardy. Genesi Uno provides non-medical services – such as cleaning and waste management – to the hospital, which was built between 2006 and 2010.

“We have been a shareholder of HISI since 2007, and during this time the company has consistently delivered a strong operating performance,” said Stefano Mion, managing director of infrastructure at AXA PE, in a statement.

He added: “Our increased shareholding will allow us to provide the company with the necessary resources to continue to grow organically, and also to implement a buy-and-build strategy.”

AXA PE has around $32 billion in private equity funds under management across various strategies. In March this year, it closed its third infrastructure fund on €1.45 billion including a further €300 million of co-investment commitments. It had closed two prior infrastructure vehicles on €200 million and €1.1 billion.