During 2011, the San Raffaele del Monte Tabor Foundation was in financial distress mainly due to an aggressive Real Estate development strategy, which caused a significant absorption of cash flows.

The Court of Milan therefore appointed Rolando Brambilla, Luigi Giovanni Saporito and Salvatore Sanzo as Commissioners, with the aim of finding a solution that ensured business continuity while preserving creditors.

At the time two arrangement proposals were on table, one of which was on a standalone basis and one which provided for the sale of the hospital branch to a consortium made up of the Instituto delle Opere Religiose (IOR) and the entrepreneur Vittorio Malacalza for a total value of EUR 250m.

HCF members supported the Commissioners by providing a fairness opinion relating to the IOR-Malacalza offer, also analyzing the post-acquisition business plan drawn up on behalf of the buyers by Vitale & Co.

The results of the analysis provided by the HCF members led the Commissioners to decide to probe the interest of other buyers, then selling the hospital branch of the foundation to the San Donato Group headed by the entrepreneur Giuseppe Rotelli for EUR 405m (+ EUR 155m compared to the IOR-Malacalza offer).