Nautilus (Sweden) - Nov 2007

unquote
01 November 2007

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Investor

FSN Capital II has acquired 70% of Nautilus, a Nordic fitness chain for an undisclosed value, marking FSN Capital II’s sixth investment. The deal was sourced through a proprietary deal process, where one of FSN’s advisers made the investor aware of the opportunity. The business was deemed attractive to the GP due to the company’s growth in the fitness segment and its market position. Going forward growth will be secured by focusing on increasing the number of members in existing clubs and adding new clubs to the group mainly in the Nordic region, but also in selected European countries. Debt structure The transaction was supported by a senior debt package from DnB NOR.

Company

The group, established in 1992, currently operates 120 clubs mainly in the Nordic countries, but also has a presence in Germany, Iceland and the UK. The clubs are often connected to public swimming pools and recreational spaces, and offer a lower cost alternative to the upmarket fitness chains and an environment that is suitable for everyone, irrespective of age and level of fitness. In 2006, the business had revenues of SEK 340m.

People

Peter Möller, partner, led the transaction and will join the board of directors together with Frode Strand-Nielsen, managing partner of FSN Capital. Hans Cederholm, Mats Thulin and Sten Lundgren are the founders of Nautilus Group.

Advisers

Equity - Hamilton Advokatbyrå, Niclas Högström, Tobhias Brandell, Törngrem Magnell (Legal)Equity - KPMG, (Financial Due Diligence)Equity - Marsh, (Insurance Due Diligence)

Sourced from: Nordic unquote" 69 (Jan 2008)