IK buys Actic from FSN Capital

Sonnie Ehrendal
25 July 2012

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IK Investment Partners has acquired Swedish health and fitness business Actic from FSN Capital.

According to local press reports, the deal was valued at around SEK 800-900m. Equity was invested from IK2007, which closed on €1.675bn in December 2007.

IK partner Helena Stjernholm commented that Actic offers growth opportunities through operational improvements and a health clubs roll-out programme.

FSN has reported a compound annual growth rate of 14% in sales and 16% in EBITDA for the investment. This roughly equates to a doubling of EBITDA since 2007.

Partner Peter Möller stated that FSN has supported a number of operational and strategic improvements, including organisational strengthening and redesign, a refined business concept, rebranding, a new business monitoring system, club refurbishments, and new services for customers. "Actic has developed from a founder-driven business to a professionally-run company," he concluded.

Previous funding
FSN, investing from its second fund, acquired 70% of Actic in November 2007. The deal was supported by a senior debt package from DNB (formerly DnB NOR).

Company
Actic operates 143 fitness clubs, with around 200,000 members in Sweden, Norway, Finland, Iceland, Austria and Germany. The company was founded as Nautilus Gym in 1981 and rebranded under FSN ownership in 2010. Based in Täby, Sweden, it generates a SEK 139m EBITDA from SEK 575m in sales.

People
Partner Helena Stjernholm worked on the deal for IK. Partner Peter Möller worked on the deal for FSN Capital.

Advisers
Equity - Vinge, Jonas Bergström, Mikael Ståhl, Mia Örnfeldt, Per-Owe Arfwedson, Louise Brorsson-Salomon, Niclas Winnberg, Daniel Unger, Karl Samuelsson, Robin Dangoor (Legal).
Vendor – Carnegie Investment Bank (Corporate finance); Roschier (Legal); Deloitte (Financial & commercial due diligence).
Management - Delphi, Anders Lindström, Per Granström (Legal).