UK-based private equity firm Candover has secured a 40 per cent stake in Italian fitness equipment supplier Technogym.

The shares were sold by Nerio Alessandri, Technogym founder and president, and his younger brother and board member Pierluigi Alessandri.

Commenting on the acquisition, Nerio Alessandri said: “This is an 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 caliber of Candover will act as an important catalyst in the future development of the Technogym business globally and will help us to achieve our aspiration: to be the only truly global company focused on promoting Wellness in order to improve the quality of people’s lives”.

The deal is the tenth investment to be made from the 3.5bn euro (£2.78bn, US$5.5bn) Candover 2005 Fund. Last year, Candover acquired Spanish theme park operator Parques Reunidos in a deal believed to be worth more than 900m euro (£590m, US$1.1bn).

Technogym generated a turnover of 385m euro (US$605m, £305m euro) during 2007. It has recorded an average annual rate of growth of 35 per cent each year since its inception in 1983.

Aldo Maccari, director of Candover Italy, said: “As the problem of world obesity increases and governments move from a treatment to a prevention model, health and exercise are becoming a critical focus of the modern world. That is why we are excited to be investing in the global champion of the Wellness industry”.

Candover also owns shares in UK gaming business Gala Cora.