Agnellis' Exor eyes additional healthcare investment for expansion

April 18, 2023 : Exor, the holding enterprise of Italy’s Agnelli family, will seek further possibilities to expand in healthcare after financing almost one billion euros ($1.1 billion) in the endeavor last year, CEO John Elkann told on Monday.

After finalizing the sale of its reinsurer PartnerRE, the company, Exor has around 6.5 billion euros in cash obtainable for investments, including 5 billion euros for investments.

It has already expressed its M&A activity would mainly focus on healthcare, amenity, and technology businesses.

In the previous years Netherlands-based Exor purchased a 10% stake in French healthcare group Institut Merieux for 833 million euros and a 45% partnership in Lifenet Healthcare, an Italian company handling hospitals and outpatient clinics, for 67 million euros.

The scion of the Agnelli family, Elkann, told the healthcare industry would continue to grow long-term as the world’s population was projected to epoch.

He communicated Exor would rely on the Merieux family’s expertise as it explored “for future healthcare opportunities, in precise within the fields of genomics, proteomics, life science tools, imaging and mechanisms.”

Via its venture capital arm Exor Ventures, Exor was also developing collaborations with healthcare companies at an early stage of their development, Elkann spoke.

Reinvigorated Chairman

Exor is the single biggest investor in carmaker Stellantis and has holding stakes in companies including Ferrari, CNH Industrial, and soccer club Juventus.

Recently, Exor communicated Indian-born Ajay Banga, the U.S. nominee to head the World Bank, would not seek reappointment as its non-executive chairman and offered Nitin Nohria for the position.

Nohria, a Harvard Business School lecturer with an academic focus on administration and corporate performance, is the executive chairman of U.S. venture capital company Thrive Capital and is a board member of organizations including Anheuser-Busch InBev.

At their general conference on May 31, Exor said his nomination would have to be supported by shareholders as it presented its full-year derivatives.

It articulated its profit increased to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021, especially due to the net growth it booked from the 8.6 billion euro sale of PartnerRe. ($1 = 0.9113 euros)