Technogym opened a new manufacturing plant in Cessna Italy in 2012 The company is now looking to do an IPO Photo by Pamela Kufahl

Technogym opened a new manufacturing plant in Cessna, Italy, in 2012. The company is now looking to do an IPO. Photo by Pamela Kufahl.

Technogym Looking at Possible IPO

Technogym may be making a move for an IPO, according to a Reuters report.

Technogym, Cessna, Italy, may become a publicly traded company as early as the end of the year, according to a Reuters story.

The story says that the company is working with Goldman Sachs, JP Morgan and Mediobanca to coordinate a possible initial public offering, which would occur on the Milan stock exchange.

One source told Reuters that Technogym would look for a valuation of 10 times earnings before interest, tax, depreciation and amortization (EBITDA). Reuters noted that the company's EBITDA in 2014 "rose 77 percent to 64.8 million euros ($69.87 million) compared with 2013 on revenues rising 13 percent to 466 million euros. Net debt fell to 57.2 million euros at the end of 2014 from 87 million euros at end 2013."

In response to the report, a Technogym spokesperson told Club Industry: "With reference to the rumors published by financial reports in Italy, Technogym is analyzing the feasibility of a possible IPO. This process is at a very early stage and no decisions have been made yet."

If Technogym does go public, it would join Life Fitness, which is owned by Brunswick Corp., and Precor, which is owned by Amer Gen, as publicly traded fitness equipment manufacturers. 

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