T
echnogym filed for ipo to Italy’s financial markets supervision Authority Consob and to Borsa Italiana in order to be ready to list its ordinary shares in a few months. The deal will consist in a public sale offer without any capital increase so to allow Arle Capital Partners fund to exit a ten years’ time investment in the global leader in premium fitness equipment and wellness solutions.
Arle owns a 50% equity stake in Technogym’s capital while the remaining stake is owned by founders Nerio (ceo) and Pierluigi Alessandri. 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 and that is why the company was also working on a dual track basis looking for a new investor should the financial markets turmoil not to end (see here a previous post by BeBeez).
Last February 16th a Technogym shareholders meeting votes some adjustements in the shareholders capital in view of the ipo such as a fractionament in 200 millions shares from prevuious 10 millions, MF Milano Finanza writes today.
Technogym reached 511.8 millon euros in revenues in 2015 (+10% from 2014) with a 40% jump in ebitda to 86.7 million. FY 2014 had been quite a great year already with 466 million euros in revenues (+13% vs. 2013) and a 64.8 millions in 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 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). so appòying the same multiple to FY 2015’s ebitda, Technogym’s enterprise value grows to 1.2 billion euros.
