Technogym Investor Plans Stake Sale of at Least 25% in Milan IPO

Italian fitness equipment maker Technogym SpA’s planned Milan initial public offering will entail minority investor Arle Capital Partners Ltd selling at least 25 percent of its stake, the terms of the deal seen by Bloomberg News showed on Monday.

The IPO will only include an offering of secondary shares on the Italian Stock Exchange, with a free float of at least 25 percent, as per Borsa Italiana’s requirement, the terms showed. Arle Capital Partners, which currently owns a 40 percent stake in Cesena, Italy-based Technogym, will sell part of its stake through Salhouse Holding.

The remaining 60 percent of the official Olympic supplier since 2000 is held by founder Nerio Alessandri’s family through Wellness Holding. Goldman Sachs Group Inc., JPMorgan Chase & Co., Mediobanca SpA are joint global coordinators and joint bookrunners in Technogym’s IPO. Other details of the deal are still to be defined, the terms showed.

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