The case analyses the investment and financing strategy implemented by Antin Infrastructure Partners (‘Antin’) in its acquisition and development of Hippocrates Holding (‘Hippocrates’), the largest independent pharmacy platform in Italy. The case, describing the deal that took place in February 2021, requires practical application of technical notions about capital structure optimization and debt sustainability analysis. It offers students the opportunity to gain practical exposure to financial engineering in support of strategic growth, as well as a thorough understanding of how different financing solutions can impact a company’s operational flexibility and risk profile.
The Antin IP acquisition of Hippocrates: Scaling-up the business and refinancing the capital structure
Stefano Gatti
;Carlo Chiarella;Francesco Ceprano
2026
Abstract
The case analyses the investment and financing strategy implemented by Antin Infrastructure Partners (‘Antin’) in its acquisition and development of Hippocrates Holding (‘Hippocrates’), the largest independent pharmacy platform in Italy. The case, describing the deal that took place in February 2021, requires practical application of technical notions about capital structure optimization and debt sustainability analysis. It offers students the opportunity to gain practical exposure to financial engineering in support of strategic growth, as well as a thorough understanding of how different financing solutions can impact a company’s operational flexibility and risk profile.
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