The billionaire owner of a tech-focused gym equipment brand won’t be selling shares anytime soon.
Technogym owner Nerio Alessandri has offloaded roughly $550 million of the company’s stock in the past six years to rebalance his wealth but has halted any future plans to sell more shares.
“We have the control of Technogym, and we have diversification at the same time,” said Alessandri.
- Alessandri has about a third of his $1.3 billion wealth in Technogym stock as of Jan. 13.
- Before the share sales, Alessandri had invested over 60% of his fortune in the company.
- In 2008, he sold a 40% stake in Technogym to now-defunct Candover Investments.
Technogym has solidified its footprint in sports as the official gym equipment supplier of the last eight Olympics, but the company continues to expand its reach. It has been named a supplier for this year’s Nitto ATP Finals and the San Paolo Next Gen ATP Finals.
Twenty-eight of the 2022 World Cup’s 32 teams used Technogym equipment.
B-2-B Bounceback
Known as one of the first gym equipment brands to integrate a heart-rate monitoring system, Technogym benefited from a lateral fitness equipment market that reached $5.8 billion in 2021.
Technogym generated $540 million in revenue for the first nine months of 2022, compared to $460 million for the same period the year prior.
The company profited from strong business-to-business sales, which reached $412 million during the period — a 30% increase year-over-year.
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