FSN Capital LP II has signed an agreement to divest the leading Nordic fitness club chain Actic to funds managed by IK Investment Partners. Closing of the transaction is subject to legal and regulatory approvals.
Founded in Sweden in 1981, Actic (formerly Nautilus Gym) has developed into a leading Nordic fitness club chain with 143 clubs and around 200,000 members in six countries. In 2011, Actic had sales of SEK 575 million and an EBITDA of SEK 139 million.
Since the investment by FSN Capital LP II in 2007, Actic has seen strong growth in sales and EBITDA – on the back of healthy like-for-like performance and considerable expansion of the club network – with CAGRs of 14% and 16% respectively. The doubling of EBITDA has been achieved despite significant investments in central operating expenses, and the implementation of large structural changes on both club and central level.
“During our ownership, Actic has increased the number of clubs from 120 to 143 and grown the member base from 150,000 to 200,000, while at the same time complementing its Nordic presence with a profitable growth platform of eight clubs in Germany.
Actic has also developed from a founder-driven business into a professionally run company. The main transformation initiatives have included an organisational strengthening and redesign, launch of a refined business concept and rebranding into Actic, implementation of a new business monitoring system, substantial club refurbishments, and the introduction of new services, such as personal training and weight control programs. Today, the company has a well invested and scalable platform and is set for continued strong growth”, says Peter Möller, Partner at FSN Capital.
Carnegie Investment Bank has acted as financial adviser to FSN Capital, Roschier Advokatbyrå has acted as legal adviser, and Deloitte has carried out a financial and commercial vendor initiated due diligence.
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