Arle initiates Technogym exit with Italian IPO

Amedeo Goria
03 May 2016

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Arle Capital Partners has raised proceeds of €162.5m in the IPO of Italian sports equipment producer Technogym on the Italian stock exchange.

The flotation saw the final share-price set at 325 cents apiece, which valued the company at €650m. The price was ranging between 300-375 cents. The trading is expected to start the 3 May 2016.

Arle raised gross proceeds of €162.5m by listing 25% of the company's share capital, equivalent to 50 million shares, reducing its stake to 15%.

The GP has granted the joint global coordinators an option to purchase up to 7.5 million additional shares under the greenshoe option. Arle will reduce its stake to 11.25% if the greenshoe option is fully utilised.

According to a statement, Arle also agreed to a lock-up period of 180 days from the start date of trading on the Borsa Italiana.

Goldman Sachs, JP Morgan and Mediobanca acted as global coordinators.

Previous funding
Arle – formerly known as Candover – acquired a 40% stake in the business in June 2008 from founder Nerio Allessandri.

Company
Established in 1983 and based in Cesena, Technogym produces equipment for the wellness and fitness industry, alongside a cloud-based platform that enables customers to manage their personal wellness.

Technogym targets fitness clubs, as well as the hospitality, consumer, health and corporate sectors. The company employs 2,000 people in 14 branches across Europe, the US, Asia, the Middle East, Australia and South America.

The business generated €512m of revenue in 2015.

People
Arle Capital Partners – Richard Booth (director); Javier Abad (partner).
Technogym – Nerio Alessandri (founder).