IK's Actic in SEK 803m IPO

The offering saw 8.6 million shares placed on the public market, of which 5.3 million were newly issued, at a price of SEK 50.5 apiece. The IPO allows IK to offer an overallotment option of around 1.3 million shares, equivalent to a 15% increase in the offering size. If the greenshoe is fully exercise, 62% of Actic's share will be in free float on the Stockholm bourse.

Athanase Industrial Partner, Swedbank Robur and the Fourth Swedish National Pension Fund have agreed to cornerstone the IPO, acquiring shares totalling approximately 31% of the total number of shares placed in the flotation – or 19% of the company's total number of shares.

Following the IPO, IK Investment Partners' IK 2007 Fund will hold around 38% of the company, provided the overallotment is fully exercised.

Actic's listing is expected to raise gross proceeds of SEK 270m, which the company intends to use to pay down parts of its outstanding debt.

SEB is the global coordinator and joint bookrunner for the IPO. Carnegie and DNB Markets are acting as joint coordinators.

Previous funding
Actic first came under PE ownership in November 2007, when FSN Capital acquired a 70% stake in the business, then called Nautilus, with equity from its FSN Capital II fund.

IK Investment Partners then acquired the company in a July 2012 SBO, tapping its 2007-vintage €1.675bn Industri Kapital 2007 fund.

Company
Headquartered in Solna, Actic is an operator of fitness clubs in Sweden, Norway, Germany, Finland and Austria.

The company was founded in 1981 and currently operates 166 facilities across its five markets. It employs 700 people and had net revenues of SEK 802m in 2016.

People
IK Investment Partners – Kristian Carlsson Kemppinen (partner).
Actic Group – Christer Zaar (CEO).

Advisers
Company – Vinge (legal).

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