Click here for printer friendly page
Cinven makes £204m bid for UK's Fitness First11/04/2003. Source: AltAssets. 
 UK-based private equity firm Cinven has made a £204m bid for gym operator Fitness First. The gym network has become the latest health club operator to exit the stock market after it agreed a 175p per share management buy-out offer.
The offer gave a 46 per cent premium on the closing price from the last day of trading before the company entered take-over talks in November 2002.
Cinven is one of a number of private equity firms to target the struggling health club industry. Duke Street bought Esporta in 2002 and later purchased Invicta Leisure as a bolt-on acquisition. Bridgepoint is currently in exclusive talks with UK fitness chain Holmes Place.
LA Fitness has revealed that it too has been approached by a number of private equity firms but is adamant it will remain publicly listed after a profit warning two months ago.
Copyright © 2003 AltAssets
|
