Wellness Holding S.r.l. and Finwellness S.A. in the Sale of 40% of Technogym S.p.A.
August 05, 2008
Cleary Gottlieb represented Wellness Holding S.r.l. and Finwellness S.A. in the sale of a 40% interest in Technogym S.p.A. The deal was carried out through a newly established company, which is 60% owned by Wellness Holding S.r.l. and 40% owned by a Luxembourg company wholly owned by private equity group Candover. The acquisition agreement and the investment agreement were signed on June 29 and the transaction closed on August 5, 2008, after the obtainment of the necessary antitrust clearances.
Technogym, a world leader in fitness and wellness products and services, is the sole official provider of training equipment at the 2008 Olympic Games in Beijing. It supplies major U.S. and European fitness club chains and is developing strong relationships in emerging markets such as Asia and the Middle East. In 2007, Technogym generated a turnover of €385m.