European buy-out house Candover has taken a 40 per cent stake in Technogym, a producer of fitness equipment and “wellness products” for corporate customers and consumers.

European buy-out house Candover has taken a 40 per cent stake in Technogym, a producer of fitness equipment and “wellness products” for corporate customers and consumers.

The terms of the deal remain undisclosed, however, Technogym marks the tenth investment made from the $3.5 billion (£1.8 billion) Candover 2005 Fund.

The cash investment will enable Technogym to pursue its expansion plans in international markets and to develop new customer segments.

Technogym, which supplies US and European fitness clubs and plans expansion in Asia and the Middle East, was founded by Nerio and Pierluigi Alessandri in Gambettola, Italy.

In 2007 the company posted strong results, with revenues of $385 million (£193 million) and an average annual growth rate of more than 35 per cent since inception.

Nerio Alessandri, founding chairman and CEO, started the business in 1983 from his garage and has built it up to become the official provider of training equipment at the 2008 Beijing Olympics.

Alessandri said: “I am very pleased with this important milestone in the entrepreneurial development of Technogym as it represents an unparalleled opportunity for our management, employees and all our stakeholders.

“Working with an international partner of the calibre of Candover will act as an important catalyst in the future development of Technogym business globally.”