Capzanine sells stake in Moving

Andera Partners and Swen Capital also exited the company, while Momentum Invest and M Capital Partners retained their minority stakes and reinvested in the business.

With Capzanine's financial support, the company doubled the size of its Fitness Park club network, pursued an acquisition strategy with the addition of 15 clubs, and strengthened its subscriber base by enhancing its digital marketing and strategy.

The French GP, investing alongside the company's majority shareholder and CEO Philippe Herbette, acquired a minority stake in Moving in May 2017 from Développement & Partenariat, which had backed the company in 2009 through a €4m investment round. Andera and Momentum also took part in the transaction, while M Capital, which first invested in the group in 2015, retained its minority stake. The transaction was supported by a senior debt package provided by BNP Paribas, CIC and BPI France.

Company
Founded in 1985 and headquartered in Paris, Moving manages a chain of 200 fitness clubs directly and through franchises under the Fitness Park, Club Moving and Lade Moving brand names. It employs 200 staff and has 400,000 clients.

People
Capzanine – Bruno Bonnin (partner).
Groupe Moving – Philippe Herbette (founder, CEO).

Advisers
Vendor – Volt Associes (legal); Natixis Partners (corporate finance); Advance Capital (financial due diligence); EY Parthenon (financial due diligence).
Acquirer – Ayache Salama (legal); Racine Avocats (legal); PwC (financial due diligence).

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• Topics
• Exits
• France
• Consumer
• Buyouts
• Capzanine
• France
• EY (Ernst & Young)
• PwC