Tikehau to invest €72m in Italian health software firm

The deal represents the third direct lending transaction to be executed by the asset manager’s team in Italy.

Tikehau IM, the France-based European asset manager, has signed an agreement to invest €72 million in the Dedalus Group, a global clinical health software provider controlled by alternative assets manager Ardian and company founder Giorgio Moretti.

Tikehau is the sole arranger of a bond issuance which will be listed on the third market of the Vienna Stock Exchange. It is a deal that represents the third to be delivered by the firm’s team in Italy.

Headquartered in Florence, Dedalus has acquired 40 companies to date and invested strongly in R&D to become a global player in clinical health software. Its merger with NoemaLife last year created the first hospital information systems operator in Italy and one of the first in Europe.

The firm has activities in 25 countries around the world and expected to close 2016 with turnover of more than €170 million.

“In Europe and globally, our industry is going through a consolidation wave,” said Moretti. “Thanks to increased financial resources, a large customer base and a strong international presence, Dedalus is able to remain a leading player of this industry.”

Luca Bucelli, Tikehau’s head of Italy, said the deal provided evidence of the firm’s commitment to invest in Italy and “its capacity to provide tailor-made financing solutions to support fast-growing businesses”.

Linklaters acted as legal adviser to Tikehau on the deal, while Clifford Chance provided tax advice.

Tikehau Capital manages €9.9 billion for institutional and private investors through asset manager Tikehau IM, listed minority equity investor Salvepar, and long-term investment firm Tikehau Capital Partners. It invests across private equity, private debt, special situations and real estate.

The firm has offices in Paris, Brussels, London, Milan and Singapore.