CASE STUDY – FSN Capital’s sale of Actic to IK Investment Partners
Carnegie acted as sole financial adviser to FSN Capital in the divestment of Actic to IK Investment Partners for an undisclosed consideration.
Founded in Sweden in 1981, Actic (formerly Nautilus Gym) had, at the time of the divestment, developed into the leading Nordic fitness club chain with 143 clubs and around 200,000 members in six countries. The company’s focus markets are Sweden, Norway and Germany, though Actic is also present in Finland, Austria and Iceland.
A unique offering, 80% of Actic clubs are located in connection with swimming facilities, with the swimming being free of charge for all Actic members. Clubs are typically located in small to medium-sized cities, where Actic has often achieved a local leadership position. Actic has a unique training concept, a broad service offering and a high service level offered at value-for-money prices. FSN Capital entered as the main owner of Actic in 2007 and transformed the company from an entrepreneurial-led company to a professional organisation. In 2011 Actic had sales of SEK 575 million and an EBITDA of SEK 139 million.
Carnegie led a successful, focused auction process whereby a select number of potential buyers were invited. Financial and industrial buyers participated in the process, which led to IK Investment Partners acquiring the company with re-investments from Actic’s founders and management team. The transaction was announced on 24 July 2012 and closed on 31 August 2012.