News 2005
Fitness First acquired by funds advised by BC Partners
Funds advised by BC Partners, a leading European private equity group, have today announced the acquisition of Fitness First for an enterprise value of GBP 835 million [€ 1.2 billion] from Cinven, the European buy-out fund. Fitness First is the world's leading fitness company with more than 1.1 million members served in 424 clubs across 15 countries worldwide.
Fitness First is expected to generate revenues of more than GBP 400 million [€ 590 million] and EBITDA of GBP 95 million [€ 140 million] in the year to October 2005. It is market leader in most of the markets in which it operates, including the UK, Germany, Australia and a number of other European and Asian countries.
Fitness First provides a distinctive concept of "value-for-money" fitness clubs conveniently located in urban locations. This model operates successfully across all international markets. In the growing worldwide fitness market, Fitness First is uniquely positioned to benefit from one of the most experienced management teams in the industry as well as from its large international portfolio and local know-how.
Stefano Quadrio Curzio, Managing Partner in BC Partners' London Office, said: "We are delighted to have completed this acquisition. With Fitness First, we have the opportunity to build on the international expansion and roll-out programme with a proven and successful business model. The fitness industry will continue to grow and we are very much looking forward to backing Fitness First and its management team in playing a significant part in the future growth of this market. The management team at Fitness First, all true entrepreneurs, give us a lot of comfort that we can develop this company into an even better business than it is today."
Colin Waggett, Chief Operating and Financial Officer of Fitness First, added: "The company has a strong position in each of the major markets it is operating in. We are market leader in 10 of our 15 countries of operation, and well positioned to take advantage of the excellent growth prospects in these markets. Fitness First will benefit from its unique combination of its scale, local know-how, experienced management team, and well developed multinational operating platform. In addition to significant scope for further growth in our existing markets there are exciting opportunities in new territories. We are delighted that BC Partners is backing the team to take Fitness First to the next level."
For further information:
BC Partners:
Stefano Quadrio Curzio Tel: 44 207 009 4800
Cardew Group:
Richard Spiegelberg Tel: 44 207 930 0777 / 44 7979 804 280
Note to Editors
BC Partners
BC Partners is a leading pan-European private equity firm, operating through integrated teams based in Geneva, Hamburg, London, Milan and Paris. The latest fund BC European Capital VIII closed in May 2005 with over €5.5bn of commitments and is one of the largest European buy-out funds to date. Over 17 years the firm has developed a long track record of successfully acquiring and developing European businesses in partnership with management, investing in 59 acquisitions with a combined enterprise value of EUR 41.5billion. Recent investments include the following: Amadeus (Spain, €4.6bn), Dometic (Sweden, €1.1bn), Picard (France, €1.3bn) and Baxi (UK, €984m).