Activa Capital backs spa operator Be Relax

The GP is currently investing via its Activa Capital III vehicle, which typically targets French mid-sized companies with a €30-200m enterprise value.

The transaction will help Be Relax to hit its goal of opening 10 new spas per year, both in airports in which it already operates as well as in new locations. The company is notably aiming to increase market share in the US. Be Relax is also considering a build-up strategy.

Company
Founded in 2004, Be Relax now operates 52 airport spas in 11 countries across Europe, the US, the Middle East and Asia. Be Relax recently underwent international expansion, particularly in the US and the Middle East. Headquartered in Paris, the group employs around 500 staff worldwide.

People
Be Relax – Nicolas Briest, Frédéric Briest (co-founders).
Activa Capital – Christophe Parier, Alexandre Masson (partners); Frédéric Singer (manager).

Advisers
Equity – Roland Berger, Gaëlle de la Fosse, Olivier Hombreux, Michael Cosentino (commercial due diligence); 8 Advisory, Justin Welstead, Daniel Parsons, Baptiste Piasentin (corporate finance); Hogan Lovells, Stéphane Huten, Paul Leroy, Alexandre Jeannerot (legal).
Company – Stehlin & Associés, Svetlana Tokoucheva (legal); Neuflize OBC, Jean-Christophe Liar (corporate finance).

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• Topics
• Expansion
• France
• Consumer
• France
• Activa Capital