F2i in late-stage acquisition talks for Farmacrimi

Alessia Argentieri
29 August 2018

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Italian private equity firm Fondi Italiani per le Infrastrutture (F2i) is in late-stage talks to acquire Farmacrimi, an Italian chain of pharmacies.

Unquote understands that F2i plans to acquire a controlling stake of around 60% from the company's founders, Rocco and Vincenzo Crimi, who will retain the remaining minority holding.

According to a source familiar with the situation, Farmacrimi has an enterprise value of approximately £120m.

The acquisition of the chain, composed of 25 pharmacies located in Rome, Milan and Mestre, is part of F2i's buy-and-build strategy aimed at creating a combined group of pharmacies across Italy.

Unquote understands that the GP will deploy capital from its third fund to finance the investment. In addition, a debt package will be provided to support the transaction.

F2i's third fund reached a €3.14bn first close in December 2017 and is expected to raise €3.3bn by the end of 2018. The vehicle, which inherited the assets of F2i's first fund through a merger, targets Italian companies operating in the infrastructure sector as well as in the fintech, healthcare and telecommunications industries.