Technogym, the global leader in premium fitness equipment and wellness solutions, is valued about 675 million pounds or 870 million euros. Which means an enterprise value of about 930 millions, including net financial debt, or 14x the company’s 2014 ebitda, MF-Milano Finanza writes today.
This is the value for the 100% of the company which is implied in the valuation given to the 3.2% stake of Technogym’s shareholders capital owned by Candover Investments, the LSE-listed investment company that used to be the principal investor in private equity funds once managed by Candover Capital Partners (a now managed by Arles Capital Partners, a private equity firm born from a spin off by former Candover Capital Partners’ s management team).
Candover Investments’ Interim results for the half year ended 30th June 2015 (download here the press release) that 3.2% stake is valued 21.6 million pounds or 4.5 millions more than on December 30th 2014 (+21 pence per share) net of a 1.6 millions devaluation due to negative exchange rate effects and that happened after that last December the company was valued 0.9 million pounds more than on June 30th 2014 (+4 pence per share), net of 1 million pounds devaluation due to exchange rates’ effects.
In 2014 Technogym reached 466 million euros in revenues (+13% vs. 2013) and a 64.8 millions ebitda (+77%) with a 57.2 millions net financial debt (from 87 milions)..
Candover Investments and Arles CapitalPartners’ funds own together a 40% stake in Technogym capital while the remaining 60% is retained by founder Nerio Alessandri. Candover funds had invested in the company in August 2008 when it had been valued one billion euros or 15x 2007 ebitda (that had been 68.6 millions that year after 385 millions of revenues).
Technogym is preparing its listing on the Italian Stock Exchange by the end of this year or the beginning of 2016 (see here a previous post by BeBeez). Last Spring Technogym chose Cleary Gottlieb Steen&Hamilton as its legal adviser for the listing while Goldman Sachs, JPMorgan and Mediobanca are its financial advisors.