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IK buys FSN Capital stake in Nordic fitness company Actic

24 Jul 2012

Swedish buyout house IK Investment Partners has bought Nordic health and fitness company Actic from FSN Capital.

Although terms of the transaction were not disclosed, IK says it normally invests between €50m and €150m to gain majority control of companies.

FSN picked up a 74.3 per cent stake in Actic through its FSN Capital II fund in 2007, which closed on €151m two years earlier.

IK made the purchase through its $1.675bn buyout fund raised in 2007.

Actic, which has 143 health and fitness clubs across six countries, had sales of about $82m in 2011.

Most of those sales came from its core markets in Sweden, Norway and Germany, although it also has operations in Finland, Iceland and Austria.

IK partner Helena Stjernholm said, “We look forward to supporting the management team to further develop the business.

“The company benefits from a strong value proposition and offers clear growth opportunities, both via operational improvements and a health club roll-out programme.”

IK, which manages about €5.7bn in fund commitments, is currently targeting €1.7bn for its latest buyout fund.

The firm hit a €1bn first close in March thanks to commitments from the New York State Teachers’ Retirement System and Scandinavian Private Equity Partners, among others.

Earlier this year it emerged IK was looking to either list or sell its stake in industrial weighing company Schenck Process this summer.

The firm is understood to be running a dual track process that could result in either an IPO or a sale at the start of the third quarter.

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