Capzanine backs Moving OBO

Alice Tchernookova
22 May 2017

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French GP Capzanine has backed the secondary owner buyout of France-based group Moving, which manages a chain of fitness clubs.

Capzanine is taking a minority stake in the group, investing alongside Moving CEO Philippe Herbette. M Capital Partners, which first invested in the group in 2015, is also staying on as minority investor.

Capzanine injected new money into the company, and also acquired the shares of previous investor Développement & Partenariat, which had backed Moving in 2009 through a €4m investment round. Développement & Partenariat is fully exiting the group through this transaction.

Moving is aiming to double the number of its branches by opening its own clubs, as well as through franchises. The group said it would also look to strengthen its subscriber base by enhancing its digital marketing and strategy.

Debt
The transaction was supported by a senior debt package provided by BNP Paribas, CIC and BPI France. The banks had previously supported the group.

Company
Launched in the 1980s, Moving manages a chain of fitness clubs. The group has a network of 183 clubs, including 162 franchises. It offers low-cost clubs through the brand Club Moving, and also has a more high-end offer through the brand Fitness Park.

Moving claims to have a subscriber base of 400,000. It employs 110 people, and generated €36m in revenues in 2016.

People
Capzanine – Christophe Karvelis (founding partner); Bruno Bonnin (director); Olivier Guine (investment director).
M Capital Partners – David Aversenq (partner); Marion Laurens (jurist).

Advisers
Equity – Advance Capital, Arnaud Vergnole, Thomas Bettan, Mehdi Adyel (financial due diligence) ; OC&C Strategy Consultants, Henri-Pierre Vacher, Guy-Noël Chatelin (commercial due diligence); TSL Avocats, Olivier Lopez, Anne-Laure Kerneis (legal); L&A, Samuel Scherman (legal).
Vendor – Dillenschneider Favaro Associés, Olivier Dillenschneider (legal).
Company – 2M Corporate Finance, Michel Mauco (corporate finance); Volt Associés, Emmanuel Vergnaud, Stéphane Letranchant, Alexandre Tron, Aliénor Harel, Anaïs Borel, Lucille Pothet (legal).
Debt – Hogan Lovells, Sabine Bironneau, Erika Hubert (legal).