PE-owned Fitness First approved for Singapore listing
Singaporean regulators have reportedly granted UK-based BC Partners approval to launch its portfolio company Fitness First on the Singapore Stock Exchange. It comes more than a year after the private equity firm announced that it would take Fitness First - touted as the world’s largest gym franchise - public in an Asia.
According to Dow Jones, UK-based Fitness First is looking to launch its IPO by late September. The gym submitted its filing request to Singaporean regulators in April. At the time, media suggested Fitness First sought to raise as much as S$700 million ($549 million), but those expectations have now been tempered in light of the weakening global markets.
News of a float first emerged in June of last year, with BC Partners considering a Hong Kong, Singapore, Shanghai or Sydney listing. Fitness First has extensive operations in Asia Pacific, with more than 140 gyms across the region, largely in Southeast Asia, Australia and Hong Kong. The company has 550 clubs in 20 global markets, claiming 1.4 million members.
BC Partners acquired Fitness First in 2005 from European firm Cinven, for what would be $1.4 billion by 2010. Cinven had previously acquired Fitness first in 2003 for $721.5 million at 2010's valuations.
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