Candover acquires stake in Technogym

UK-based private equity firm Candover has secured a 40% stake in Italian fitness equipment supplier Technogym.
The shares were sold by Nerio Alessandri, Technogym founder and President, and his younger brother and board member Pierluigi Alessandri.
Commenting on the acquisition, Nerio Alessandri recently stated âthis is an important milestone in the entrepreneurial development of Technogym, as it represents an unparalleled opportunity for our management, employees and all our stakeholders.
"Working with an international partner of the calibre of Candover will act as an important catalyst in the future development of the Technogym business globally and will help us to achieve our aspiration: to be the only truly global company focused on promoting Wellness in order to improve the quality of peopleâs lives.�?
The deal is the tenth investment to be made from the US $5.5 billion Candover 2005 Fund which last year acquired Spanish theme park operator Parques Reunidos in a deal believed to be worth more than US $1.1 billion.
Technogym generated a turnover of US $605 million during 2007 and has recorded an average annual rate of growth of 35% each year since its establishment in 1983.
Aldo Maccari, Director of Candover Italy, is positive about the acquisition, stating âas the problem of world obesity increases and governments move from a treatment to a prevention model, health and exercise are becoming a critical focus of the modern world. That is why we are excited to be investing in the global champion of the wellness industry.�?
For more information contact Technogym Australia on 1800 615 440.
info.au@technogym.com
http://www.technogym.com/au