HBI Deals+Insights / M&A/IPOs

Garofalo continues M&A as Covid hits 2020 organic growth

Listed Italian hospital, post-acute and outpatient group Garofalo Healthcare (GHC) has continued its M&A drive with the acquisition of a hospital in Verona for 8.5x 2019 EBITDA. Deal-making drove 7.3% revenue growth in 2020 to €196.5m, although on a like-for-like basis, revenues fell 5.2%. That is still much better than many large Italian hospital groups.