Airport spa operator Be Relax takes in funding

Be Relax, an operator of airport spas in Europe, the U.S., the Middle East and Asia, has raised up to 20 million euros in funding. The investor was Activa Capital.


Through a dedicated capital increase with Activa Capital, Be Relax, the global operator of well-being and beauty services at airports, has raised up to €20m. The transaction will help accelerate the pace of Be Relax spa openings at both existing airport locations and at new airports.

Founded in 2004 by Nicolas and Frédéric Briest, Be Relax now operates 52 airport spas in 11 countries across Europe, the US, the Middle East and Asia. The group employs nearly 500 staff worldwide.

Be Relax has experienced strong growth in recent years, particularly in the US and the Middle East, winning numerous tenders, including the airports of Dallas, Philadelphia and, very recently, Muscat. Over the last few years, Be Relax has become the number one global operator of airport spas.

Activa Capital’s investment project, alongside Nicolas and Frédéric Briest, is to contribute to the acceleration of openings through an ambitious plan of 10 new spas per year, while supporting the founders as they implement their new marketing concept, gradually rolling it out across all points of sale.

“I am delighted with this partnership with Activa Capital. Their renowned experience in supporting external growth strategy will be key in carrying out potential build-ups for Be Relax,” Nicolas Briest, co-founder of Be Relax.

“Ultimately, we want to strengthen our global leadership, becoming number one in the US market. This development will involve the opening of many new spas, ” Frédéric Briest, co-founder of Be Relax.

For Christophe Parier and Alexandre Masson, Partners at Activa Capital: “We were impressed by the energy of the Be Relax founders and their ability to grow simultaneously across the US, Europe, the Middle East and Asia. Airports are increasingly looking to offer relaxation and well-being services to passengers to relieve the stress of travel. This is a key moment in the development of Be Relax, which is structuring its shareholder base in order to accelerate the pace of its openings.”

Deal participants
Be Relax: Frédéric Briest, Nicolas Briest
Activa Capital: Christophe Parier, Alexandre Masson, Frédéric Singer
Buyer strategic due diligence: Roland Berger (Gaëlle de la Fosse, Olivier Hombreux, Michael Cosentino)
Buyer financial Due Diligence: 8 Advisory (Justin Welstead, Daniel Parsons, Baptiste Piasentin)
Buyer legal adviser: Hogan Lovells (Stéphane Huten, Paul Leroy, Alexandre Jeannerot)
Seller legal adviser: Stehlin & Associés (Svetlana Tokoucheva)
Seller corporate finance: Neuflize OBC Corporate Finance (Jean-Christophe Liar