BC Partners scraps listing plan for Fitness First, seeks buyers

According to the Sunday Times, BC Partners is in negotiations with several buyout suitors. Singaporean regulators granted UK-based BC approval to IPO Fitness First in August, coming 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. However, the IPO was axed due to market volatility.

Reports suggest that BC Partners would consider selling the whole Fitness First entity or its branches separately according to geography. The gym's Asia Pacific division is said to be of particular interest because it is the fastest-growing division of the company. Fitness First claims more than 1.4 million members in over 540 clubs worldwide, of which more than 140 are in Asia Pacific.

BC Partners would consider restarting the IPO process if an appropriate buyer does not materialize, AltAssets reported. Fitness First was originally looking to list by late September.

BC Partners bought Fitness First in 2005 from European firm Cinven, for $1.4 billion (at 2010 valuations). Cinven acquired the company in 2003 for $721.5 million (at 2010 valuations).

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• Topics
• Southeast Asia
• Exits
• BC Partners
• Singapore
• Exit