Clearwater International advises the shareholders of Récréa on its sale to FCDE

Clearwater International has advised Financière Batteur and NCI Gestion on the sale of Récréa, a leader in the management of swimming pools and nautical leisure centres to FCDE.

Founded in 1989 and led by Gilles Sergent since 2005, Récréa specialises in aquatic leisure facilities management and operations on behalf of local authorities. Positioned in a dynamic market driven by a growing public demand for this type of facility, a structural need to renovate ageing swimming pool facilities in France, and the outsourcing of aquatic leisure centres’ management by local authorities, Récréa has a strong competitive position and a know-how recognised by local authorities. In 2018, the group operated 49 centres with a turnover of €61m and employed 1,300 people.

In September 2019, Récréa acquired a majority stake in another major player in the market, S-Pass Sport Loisir (S-Pass), from Fimalac Entertainment, thus taking over the operation of another 27 aquatic centres in France. This merger makes Récréa the leading sports and leisure facilities manager in France with a turnover of more than €100m.

With the exit of the minority shareholders Financière Batteur and NCI Gestion, FCDE becomes majority shareholder by investing €15m in equity, alongside Gilles Sergent and senior managers.

FCDE's investment alongside the group's CEO and senior managers is aimed at accelerating Récréa’s expansion, accompanying its operational transformation, and ensuring the successful integration of S-Pass.

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    Clearwater Advisers

    Adviser to Récréa’s shareholders on the sale of a majority stake to FCDE

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