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11 Dec 2025

Clessidra Capital Credit backs Giovanni Giuliani and Stefano Pellegrino in Health Italia majority acquisition

"Giliberti Triscornia e Associati, GA‑Alliance, Orrick and Legance advised on a club deal led by Giovanni Giuliani and Stefano Pellegrino that acquired a majority stake in Health Italia. Financing involved Banco BPM and Clessidra Capital Credit SGR; Clessidra provided mezzanine financing, subscribed a convertible bond and supported a capital increase."

Giliberti Triscornia e Associati, GA‑Alliance, Orrick and Legance participated in the transaction, assisting respectively the club deal promoters Giovanni Giuliani and Stefano Pellegrino, Health Italia and its principal shareholders, Clessidra Capital Credit SGR, and Banco BPM. The club deal promoted by Giovanni Giuliani and Stefano Pellegrino has completed the acquisition of a majority stake in Health Italia, an operating company in the supplementary healthcare sector. The transaction involved several financial institutions that provided the resources to complete the acquisition, including Banco BPM and Clessidra Capital Credit SGR. Clessidra Capital Credit SGR, in its capacity as manager and promoter of the Clessidra Private Debt fund, participated in the transaction through a mezzanine financing facility, subscription of a convertible bond loan and a capital increase. Giliberti Triscornia e Associati represented Giovanni Giuliani and Stefano Pellegrino with a team composed by: Emilio Bettaglio and Emiliano Zanfei (co‑leads), with the support of Giuseppe Cadel, Maria Fiorenza Mattioli, Alessandro Arcidiacono, Federico Grossi and Luca Maugeri; debt aspects were followed by Federico Fischer and Federica Sinesio. GA‑Alliance represented Health Italia and its relevant shareholders with a team composed by: Paolo Daviddi (lead) and Monica Ronzitti. Orrick represented Clessidra Capital Credit SGR with a team composed by: Marina Balzano and Giulio Asquini (on the convertible bond and mezzanine financing), and a corporate team led by Fabio Fauceglia with Leonardo Pinta and Chiara Iannuzzi. Legance represented Banco BPM with a team composed by: Guido Iannoni Sebastianini, Marco Gagliardi and Sofia Boffo; tax matters were handled by Riccardo Petrelli and Stefano Pesiri.
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