ACTIC Fitness goes public

Actic Group AB, a North European fitness club operator, has started trading of its shares on the main market of Nasdaq Stockholm. The offering was multiple times over-subscribed. The sale of about 62% of the shares valued the company at approximately 83 Mio. EUR (803 Mio. SEK).

Actic focuses its operations on Sweden, Norway and Germany, and has a presence in Finland and Austria. The company’s vision is to create a healthier society, and its offering includes access to fitness clubs, personal trainers, group training and swimming.

The initial public offering (IPO) attracted strong interest from both Swedish and international institutions as well as the general public in Sweden and employees of Actic. The company’s valuation through the transaction at SEKm 803 corresponds to a multiple of 1,0x on the revenues and of 5,7x on the adjusted EBITDA. IK Investment Partners had acquired Actic in 2012 from FSN Capital and also remains the largest single shareholder after the IPO.

Founded in 1981, Actic currently has 211,000 members in 166 clubs. The majority of 146 clubs is located in the Nordic region (Sweden, Norway, and Finland). The remaining 20 clubs are located in the region “Germany” (including one club in Austria). While an average club in the Nordic region has 1,325 members, the average number of members for the clubs in the region of Germany is only 874 members per club.

In 2016, Actic generated total revenues of approximately EURm 84.7 (SEKm 802). This equals an increase of 7% compared to 2015. At the same time, the adjusted EBITDA decreased by 5% from EURm 15.7 (SEKm 147) to EURm 14.9 (SEKm 141) resulting in an adjusted EBITDA margin of 17.6% in 2016 (2015: 19.9%).

Actic managed to increase its average revenue per member significantly from EUR 30.00 per month in 2014 (2015: EUR 30.90) to EUR 33.16 in 2016. In the Nordic region, the company is able to generate an average revenue of EUR 33.48 per month and member. In the region of Germany, the average revenue is only EUR 28.41 per month and member.

“We are proud of the large interest that has been shown for Actic in connection with the IPO and welcome our new shareholders,” said Christer Zaar, President and CEO of Actic. “As a listed company, we look forward to work in accordance with our existing strategy, which includes to take an active role in the ongoing consolidation and to continuously broaden and strengthen our offering.”

During the course of 2016, Actic had acquired 13 Flex Sports Club facilities for a purchase consideration of EURm 5.5 (SEKm 52) paid in cash. It was the Actic’s largest acquisition to date. The acquired clubs are located in the south of Stockholm. At the same time, it acquired 100% of the shares and votes in Svenska Bad i Lerum AB, which conducts swimming operations in Lerum, Sweden for approximately EURm 1.0 (SEKm 9.2) paid in cash.

Text: edelhelfer Source: Actic, Nasdaq Image: Actic

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