Key Takeaways
- Sector: Financial Services & Fintech.
- Geography: Italy.
Analysis
Oakley Capital, a pan-European mid-market private equity investor, is investing in ONHC, the premier Italian provider of private healthcare insurance services. The investment is being made through Oakley’s insurance services platform, Tiger HoldCo. Founder and CEO Filippo Ceppellini and his management team will retain operational leadership of ONHC.
Founded in Genoa in 2007, ONHC specializes in providing a full spectrum of insurance services, including consulting, product development, intermediation, underwriting, and third-party administration. The company partners with many of Italy’s leading healthcare insurance carriers to deliver its solutions.
Healthcare spending in Italy is being pushed toward the private sector in response to population aging and mounting strain on the public health system. Despite high demand, Italy remains relatively underinsured compared to peer European markets, leaving significant growth potential in private healthcare coverage.
ONHC has demonstrated strong organic growth in recent years, driven by its industry reputation, wide product portfolio, and experienced management. Its strategic partnerships across the insurance ecosystem enhance its market position and credibility.
This investment marks the first acquisition by Tiger HoldCo, which targets high-growth firms in the fragmented insurance services market in Southern Europe. ONHC will gain access to Tiger’s network of industry advisors and operators, including Enrico Vanin, a veteran in the insurance sector and Tiger’s newly appointed CEO. Vanin spent nearly two decades at insurance broker AON before joining Tiger and will co-invest alongside Oakley, leading M&A efforts across the region.
Under the partnership, the plan is to support ONHC’s next growth phase by expanding its client base, broadening service offerings, and executing a strategic buy-and-build approach within Italy’s fragmented healthcare insurance services market.
This deal follows Oakley’s 2024 acquisition of Konzept & Marketing, a leading Managing General Agent in the German personal and non-life insurance sector, reinforcing Oakley’s ongoing commitment to the insurance services space across Europe.
We are backing a proven, founder-led team that has built a successful business in an attractive insurance services market. We look forward to supporting Filippo and his team as they further scale ONHC by taking advantage of the structural growth drivers in Italy’s fragmented market, said Peter Dubens, Co-Founder and Managing Partner of Oakley Capital.
In Oakley we have found a partner who can help us take full advantage of the significant consolidation opportunities in Italy and abroad, leveraging their expertise in M&A and track record expanding businesses in Southern Europe, said Filippo Ceppellini, Founder and CEO of ONHC.
We are pleased to welcome ONHC as the first acquisition within the Tiger HoldCo platform. ONHC is a well-established business with a broad product offering and strong relationships across the Italian insurance market. The company is uniquely positioned to benefit from the country’s shift toward private healthcare. Leveraging Tiger HoldCo’s network, we will work with Filippo and his team to drive ONHC’s next growth phase and unlock value, stated Enrico Vanin, CEO of Tiger HoldCo.
This investment strengthens Oakley’s position in the specialty insurance services sector in Europe and sets the stage for further expansion in Italy and beyond, capitalizing on the growing demand for private healthcare coverage.