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7 August 2019

Stehlin & Associés advised Be Relax during the second phase of the sale of minority stake to Activa Capital

Stehlin & Associés advised Be Relax, operator offering well-being and beauty services to airport passengers worldwide, during the second phase of the acquisition of a minority stake by Activa Capital in the share capital of Admiral Holding.

Founded in 2004 by Nicolas and Frédéric Briest, the Be Relax group is a global operator offerring professional spa massages and well-being services in airports all over the world. With more than 52 spas in 11 countries, across Europe, the United States and the Middle – East and Asia, Be Relax counts nearly 500 employees worldwide.

Be Relax realised a first fund raising worth 20 million euros in May 2018 from Activa Capital, which became the minority reference shareholder alongside the management of the company. This first fundraising was intended in particular to help accelerate the spa openings rate in both existing airports and new airports, via an ambitious plan of 10 new spas every year, aiming to exceed 100 stores in 4 years after the transaction, while supporting the founders in the implementation and deployment of their new marketing concept in all sale points.

Svetlana Tokoucheva, partner in the private equity practice within Stehlin & Associés, advised Be Relax during phases I (2018) and phase II (2019) of the transaction.