Technogym, the global leader in premium fitness equipment and wellness solutions, is weighting a dual track selling process as European Stock Exchanges are crashing making the ipo option rather hard be preferred (see here a previous post by BeBeez).
Arles Capital Partners, a private equity firm born from a spin off by former Candover Capital Partners’ s management team, is said to be compelled to divest its 40% stake in Technogym capital by next June due a special cluase inserted in the shareholders agreements, Il Sole 24 Ore wrote.
Sweden’s Eqt and Singapore’s sovereign fund Temasek are among the private equity operators who have been said to be interested in the dossier but it’s reasonable to think that every inernational private equity operator active in Europe is to be willing to see the dossier. Actually Technogym is quite a profitable company with a global brand.
Candover Investments plc (the LSE-listed investment company that used to be the principal investor in private equity funds once managed by Candover Capital Partner) and Arles Capital own together a 40% stake in Technogym capital while the remaining 60% is retained by founder Nerio Alessandri. Candover funds had invested in the company in August 2008 when it had been valued one billion euros or 15x 2007 ebitda (that had been 68.6 millions that year after 385 millions of revenues).
In 2014 Technogym reached 466 million euros in revenues (+13% vs. 2013) and a 64.8 millions ebitda (+77%) with a 57.2 millions net financial debt (from 87 milions). Candover Investments’ Interim results for the half year ended 30th June 2015 showed showed an implied valutation for Technogym af just less than one billion euros, included debt, or 14x FY 2014 ebitda (see here a previous post by BeBeez).