HISI

What HISI does

HISI Srl (Holding di Investimento in Sanità e Infrastrutture) is an Italian investment holding company founded in 2007 and headquartered in Milan, Italy. The company specializes in public-private partnership (PPP) infrastructure projects within the healthcare sector, operating as a long-term financial vehicle in Special Purpose Vehicles (SPVs) that hold 20-30 year concessions to design, build, finance, and manage non-clinical services for Italian public hospitals. Its portfolio comprises six concessions across four Italian regions (Lombardy, Piedmont, Veneto, Tuscany), serving approximately 2,400 beds across facilities including Legnano, Verduno, Este Monselice, Vimercate, Empoli, and Careggi hospitals. HISI is wholly owned by F2i Life S.p.A., the ANIA F2i Fund platform of Italy's largest independent infrastructure fund manager (F2i SGR, managing over €8 billion), which acquired 100% of the company in April 2023 from Ardian.

HISI's revenue model is built on long-duration concession fees and operations & maintenance (O&M) service contracts covering maintenance, energy management (including 1.8 MW of cogenerated power), catering, cleaning, laundry, porterage, and waste management. The company coordinates a network of specialized operating partners, including Rekeep, Sof S.p.A. (Fincantieri), Siram Veolia, Gemmo, and EcoEridania. Its GTM is exclusively B2B enterprise field sales through PPP tenders and direct negotiations with concession holders for SPV stake acquisitions, targeting regional and local Italian public health authorities (ASL, ASST, ULSS) and university hospitals. The company is ISO 9001 and ISO 45001 certified and holds the maximum three-star Rating di Legalità from the Italian Competition and Market Authority.

The platform has executed two major portfolio-transformative acquisitions within 2025: the January 2025 purchase of C2i (Concessioni Investimenti Infrastrutturali) from Infracapital (M&G Plc), which doubled concessions and beds served, and the April 2025 acquisition of Sinloc's 10% stake in Euganea Sanità, bringing HISI's ownership to 50.5%. Capital structure is supported by an €88 million non-recourse Social Loan refinancing completed in October 2022 through subsidiary Genesi 22, arranged by a four-bank pool led by Credit Agricole CIB.

Name

HISI

Legal name

HISI Srl

Website

https://hisi.it

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

HISI Srl is an Italian investment holding company that invests in public-private partnership (PPP) infrastructure projects for the healthcare sector, managing six hospital concessions serving 2,400 beds across four Italian regions. Wholly owned by F2i Life S.p.A. since April 2023.

Ownership category

akta.pro rank

Product category

Healthcare Infrastructure PPP Concessions

NAICS

Other Financial Vehicles (52599)

SIC

Services-Facilities Support Management Services (8744), Services-Hospitals (8060)

akta.pro primary industry

Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities) (FSAHAIAH)

akta.pro secondary industries

Construction Management (Agency/Owner’s Rep) (IMAFAAAC), Public–Private Partnerships (PPPs) for Global Health (HLAJAOAD)

Keywords

• Healthcare infrastructure concessions
• Hospital project financing
• Facility management services
• PPP investment management
• Infrastructure concession services

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Others, Personnel, Technology or R&D

Revenue model

1. Healthcare Infrastructure Concessions: HISI operates as a long-term investor and financial vehicle in Special Purpose Vehicles (SPVs) that hold healthcare infrastructure concessions. The company participates in Project Financing arrangements where it designs, builds, finances, and manages non-healthcare services (maintenance, utilities, catering, cleaning, laundry) for public hospitals under concession contracts. Revenue is generated through concession fees and O&M service contracts over 20-30 year concession periods.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

HISI Srl operates as a financial vehicle and project developer for long-term public-private partnership (PPP) concessions in the Italian hospital infrastructure sector. It invests in and coordinates Special Purpose Vehicles (SPVs) that design, build, finance, and manage non-clinical services (maintenance, utilities, catering, cleaning, laundry, porterage, waste management, energy) for public hospitals under 20-30 year concession contracts.

Product overview

HISI is a healthcare and infrastructure investment holding company operating through six subsidiary Special Purpose Vehicles (SPVs) that hold PPP (Public-Private Partnership) concessions for hospital infrastructure across Italy. The portfolio includes Genesi Uno (Legnano Hospital, 99%), Genesi Due (Verduno Hospital, 100%), Euganea Sanità (Este Monselice Hospital, 50.5%), Vimercate Salute (Vimercate Hospital, 44%), Empoli Salute (Empoli Hospital, 92%), and S.ENE.CA. (Careggi Hospital, 53%). Each subsidiary is responsible for design, construction, financing, and O&M (Operations & Maintenance) of non-clinical/hospitality services including maintenance, energy management, catering, cleaning, laundry, security, and waste management. The company serves approximately 2,400 beds across 4 Italian regions through these concessions.

Differentiator

Problem solved

Functional benefit

Products and services

• Genesi Uno Special Purpose Vehicle (SPV) responsible for the design, construction, financing, and operations & maintenance (O&M) of non-clinical services at Nuovo Ospedale di Legnano under PPP concession. HISI holds 99% stake.
• Genesi Due Special Purpose Vehicle (SPV) for the construction and subsequent management of non-clinical services at Ospedale Michele e Pietro Ferrero di Verduno under PPP concession. 100% controlled through Genesi 22 Holding.
• Euganea Sanità Project company managing the Polo Ospedaliero di Este Monselice (PD) under PPP concession covering construction and management of non-clinical services for the hospital complex. HISI holds 50.5% stake.
• Vimercate Salute Project company responsible for construction and management of non-health services at Ospedale di Vimercate under a 25-year PPP concession expiring in 2030. HISI holds 44% stake.
• Empoli Salute Project company for design, construction, and management of non-clinical services at Ospedale di Empoli, including cogeneration plant operations. HISI holds 92% stake.
• S.ENE.CA. Project company supporting building and plant reorganization and managing the energy cogeneration plant at Ospedale di Careggi, Florence. HISI holds 53% stake.
• Hisi Management Shared services entity wholly owned by HISI S.r.l. for managing O&M services and parts of PPP/PFI projects across the group's hospital concession portfolio.

Quantifiable outcome

• 6 healthcare infrastructure concessions
• +2 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

14 partnerships are on record, tiered major, minor and core.

• Arcus Financial AdvisorsmajorImplementation/ SI/ Consulting Partner · 18 October 2022Served as exclusive Financial Advisor in the modeling, structuring, negotiation, and finalization of the €88 million refinancing transaction for HISI group companies.
• BonelliEredemajorImplementation/ SI/ Consulting Partner · 18 October 2022Legal advisory firm that acted as multi-disciplinary legal counsel for HISI and group companies involved in the €88 million refinancing transaction, handling corporate, administrative, regulatory, and tax aspects.
• Gianni & OrigonimajorImplementation/ SI/ Consulting Partner · 18 October 2022Legal counsel representing the banking pool in the €88 million refinancing transaction, handling due diligence, financial documentation, tax matters, and hedging contracts.
• Mida BrokerminorOthers · 18 October 2022Selected as insurance consultant for the €88 million refinancing transaction involving hospital concessions.
• Rekeep S.p.A.coreStrategic or Co-development PartnerOperating partner providing industrial maintenance and utilities management services under O&M contracts for hospital concessions (Verduno, Legnano). Rekeep is a major facility management company in Italy.
• Rekeep S.p.A.coreStrategic or Co-development PartnerCollaborated with HISI subsidiary Genesi Due on technical presentations about trigeneration plants for healthcare facilities at industry training events.
• Empoli Salute Gestioni Scarl (Finso Spa, Sof Spa/Fincantieri)coreStrategic or Co-development PartnerConsortium company responsible for operational management of Empoli Hospital complex under O&M contract for the entire concession period.
• Siram Veolia S.p.A.coreStrategic or Co-development PartnerLeading Italian operator in energy efficiency and heat management services. Manages cogeneration plant at Careggi Hospital under O&M contract alongside Sof Spa.
• Sof S.p.A.coreStrategic or Co-development PartnerSubsidiary of Fincantieri Group specializing in Facility Management. Partners with Siram Veolia on O&M contracts for Careggi Hospital cogeneration and with Finso Spa on Vimercate and Empoli hospital management.
• Gemmo S.p.A.coreStrategic or Co-development PartnerMajor market player providing O&M services for Euganea Sanità hospital concession under PPP arrangement.
• EcoEridania S.p.A.coreStrategic or Co-development PartnerMarket player providing O&M services including waste management and environmental services for hospital concessions (Euganea Sanità, Genesi Uno).
• Sinloc SpaminorStrategic or Co-development PartnerPreviously held 10% stake in Euganea Sanità. HISI acquired Sinloc's shares in April 2025, bringing HISI's stake to 50.5% majority control.
• WelcomedminorGTM or Marketing PartnerNon-profit organization in Milan providing healthcare access to children and families. HISI supports Welcomed through donations and sponsorship of a new healthcare center in Corso Lodi, Milan, reflecting social responsibility initiatives.
• Fondazione Ospedale Alba-Bra OnlusminorStrategic or Co-development PartnerNon-profit foundation collaborating with ASL to purchase state-of-the-art medical equipment and fund projects at Verduno Hospital, enhancing technological capabilities beyond PPP scope.

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Others

• Rekeep S.p.A. Major Italian facility-management company serving as HISI's industrial maintenance and utilities O&M partner on Legnano and Verduno concessions. Comparable as a domestic FM/energy services operator in hospital settings, though operating via O&M contracts rather than as the concession holder.
• Siram Veolia: Italian energy efficiency and heat-management operator jointly providing O&M services at HISI's Careggi cogeneration plant. Comparable as a specialist operator whose contract structure (energy-as-a-service in public buildings) is adjacent to HISI's non-clinical services offering.

Broad incumbents

• I Squared Capital: Global infrastructure investor with social infrastructure and healthcare-related assets in the EU. Comparable as a large-scale infrastructure fund manager pursuing long-term concessions and operating businesses with regulated revenue visibility.
• F2i SGR (F2i Infrastructure Fund): Italy's largest independent infrastructure fund manager and the sole shareholder of HISI via F2i Life/ANIA F2i Fund. Operates in adjacent infrastructure verticals (logistics, transport, energy) with healthcare infrastructure as one segment; comparable as a domestic infrastructure investor with social concession exposure.
• InfraVia Capital Partners: European infrastructure fund manager active in healthcare infrastructure and PPPs across EU markets. Comparable as a long-duration asset owner with PPP concession exposure and patient-capital structures for regulated, contractually-cash-flowing assets.
• Macquarie Asset Management (MIP): Global infrastructure investor with large exposure to greenfield PPP concessions worldwide. Comparable as a multi-decade investor in regulated, contractually-cash-flowing social and healthcare infrastructure assets.

Emerging players

• Ardian Infrastructure: European private equity/infrastructure investor that divested HISI to F2i in 2023. Comparable as a previous infrastructure equity owner of an Italian healthcare PPP platform, illustrating investor exit dynamics in the asset class.
• Antin Infrastructure Partners: Paris-listed European infrastructure fund manager with expanding social infrastructure exposure. Comparable as a fund manager pursuing mid-life and development-stage PPP assets, including healthcare-adjacent concessions across Europe.

Direct peers

• Meridiam: France-based infrastructure fund specializing in long-term PPP/PFI concessions, with a material healthcare and social infrastructure portfolio across Europe. Directly comparable as a dedicated PPP infrastructure investor with multi-decade concession holdings and ESG-aligned project financing.
• Infracapital (M&G): European infrastructure investment arm of M&G; divested the C2i healthcare PPP portfolio to HISI in January 2025. Direct precedent as a healthcare-infrastructure concession investor with exposure to Italian hospital SPVs through VIMERCATE, Empoli, and Careggi concessions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hisisrl

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HISI