Henderson Private Capital has backed a management buyout of the Italian fitness and wellness chain, Wellnet, in a deal estimated to be worth 50m euros.

Formed three years ago by Mauro Scaramucci, Wellnet has 14 Tonic wellness centres, serving more than 30,000 members in Rome, Milan, Bologna, Ascoli, Teramo and Terni.

The company reported revenues of more than 12m euros for the year ending December 2003, which was a 10-month financial period for Wellnet.

The deal will allow the company to continue its expansion said Scaramucci, Wellnet’s chair: “Now that we have tested the commercial success of our innovative formats for wellbeing, together with Henderson Private Capita we can accelerate our expansion plan and aim to become one of the principal players in Europe’s rapidly growing health and fitness market.”

The company plans to expand its Tonic brand within Italy as well as in other European markets.

This is the first transaction completed in Italy by Henderson Private Captial’s European private equity team. Wellnet represents the company’s third investment in the European leisure sector after Leisure Link in 2001 and TopGolf in 2002.