PRODUCT NEWS
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| Candover buys stake in Technogym. |
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| 10 Jul 2008 . BY |
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UK-based private equity firm Candover has secured a 40 per cent 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 said: "This 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 caliber 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 people’s lives".
The deal is the tenth investment to be made from the Euro 3.5bn Candover 2005 Fund. Last year, Candover acquired Spanish theme park operator Parques Reunidos in a deal believed to be worth more than Euro 900m.
Founded in 1983, Technogym generated a turnover of Euro 385m euro in 2007, having grown at an average annual growth rate of over 35 per cent since its inception.
Aldo Maccari, director of Candover Italy, said: "As 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".
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