October 30, 2018 / 2:30 PM / 19 days ago

Italy's Garofalo Health picks Peninsula Capital as anchor investor

MILAN, Oct 30 (Reuters) - Italy's Garofalo Health Care has chosen private equity firm Peninsula Capital as anchor investor for a planned listing on the Milan stock market, the company said.

The private healthcare group, fully owned by the Garofalo family, will place shares with institutional investors in a deal valuing the group at up to 220 million euros ($250 million), it said late on Monday.

The company said its board had set a price range of 3.34-3.67 euros per share for domestic and foreign institutional investors.

Garofalo did not say how much of the company it intends to list but said if the price was set at the low end of the range Peninsula Capital would, after the exercise of a Greenshoe option, hold 9.97 percent of the capital.

Market turbulence on concern over public spending by Italy's new populist government has triggered sharp falls in Italian stocks and bonds, prompting some companies to shelve stock market flotations.

Last year Garofalo had revenue of 136.7 million euros with core operating income of 24.9 million euros.

Credit Suisse and Equita are joint global coordinators in the operation. Lazard is financial adviser. ($1 = 0.8791 euros) (Reporting by Stephen Jewkes Editing by David Goodman)

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