Ardian scores 20%-plus IRR on FitnessBoutique OBO

The OBO will see FitnessBoutique's founders, including CEO Stéphane Viscuso, fully recoup the business almost five years after Ardian became a minority shareholder.

In February 2011, the GP invested via its growth capital funds Axa Placement Croissance I and II to acquire a 22% stake in FitnessBoutique. According to Laurent Foata, head of Ardian's growth team, the holding was increased to 30% in 2012, when the firm injected fresh equity in support of the bolt-on of an outer media website to boost FitnessBoutique's web traffic.

During Ardian's five-year ownership, FitnessBoutique expanded its network of sales points in France, both proprietary and franchised, from 17 in 2011 to more than 70 as of early 2016. In addition, the business has evolved from selling home fitness products from other manufacturers to developing its own line.

Having reportedly become the leader of its segment in France, FitnessBoutique required financial support to expand across additional European markets, particularly southern Europe and Benelux.

The jump abroad was deemed a necessary step before an exit to an Asian or American trade buyer was feasible, Foata explained to unquote". As an intermediary step, Ardian and FitnessBoutique agreed on an OBO that would provide the business with the liquidity demanded by its expansion plans.

Company
Founded in 1999, FitnessBoutique sells sports equipment and dietary supplements to an estimated 450,000 customers.

The company employs 40 staff at its Voiron headquarters and an additional 80 at 72 physical stores in France and abroad. In addition, the business distributes its products online in France, Spain, Italy, Belgium, Switzerland and Portugal.

Put together, its operations most recently resulted in a €40m turnover, almost doubling the €21.4m figure reported in 2010.

People
Ardian – Laurent Foata (head of Ardian growth, managing director); Geoffroy de La Grandière (senior investment manager).
FitnessBoutique – Stéphane Viscuso (CEO).

Advisers
Company – PwC Avocats, Laurent Conio, Florent Fassier, Sara Humeau (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Consumer
• France
• France
• Ardian (formerly Axa PE)
• Owner buyout