Italian wellness giant Technogym is pushing forward with plans for a partial IPO in Italy, having filed preliminary papers with the country’s stock market regulators.
The company announced yesterday that it is moving ahead with a proposed stock market listing – first mooted in May 2015 – to facilitate an investment exit for private equity fund Arle Capital Partners.
Technogym founder Nerio Alessandri – together with his brother Pierluigi – owns 60 per cent of the business, while Arle holds a 40 per cent stake. The company said the “foreseen exit” of Arle could lead to this 40 per cent stake being listed on the Italian stock market, should the company receive regulatory approval.
Alessandri has built the company from its inception in a garage in Cesena, Italy, into one of the most recognised wellness brands in the world. The firm has supplied fitness equipment for every Olympic Games since Sydney 2000 and has also landed the exclusive contract for this year's Rio 2016 Olympics.
Technogym reported solid earnings growth for 2015, with turnover of €512m, (US$562m, £405m) representing a 10 per cent increase on the previous year. The company also reported encouraging progress across international markets, with exports now representing 93 per cent of overall turnover.
