3i Group plc (“3i”), an international investor, has agreed to invest in Basic-Fit, the leading discount fitness operator in Europe, alongside co-founder and CEO Rene Moos who will remain a shareholder in the company.
3i is investing approx. €110 million (approx. £93 million) and the enterprise value of the transaction is approximately €275 million.
Established in 2003, Basic-Fit, which is headquartered in Hoofddorp, The Netherlands, today operates 200 discount gyms across the Netherlands, Belgium, Spain and France, making it the largest and most international European operator with half a million members. In both The Netherlands and Belgium, Basic-Fit is the market leader with 95 and 79 clubs respectively. In addition, the company has 17 clubs in Spain and 9 in France.
Basic-Fit offers fitness memberships from €15.95 per month. The company offers high quality equipment, virtual group classes and 24 hour opening at some locations.
Basic-Fit has demonstrated solid growth since its establishment, driven by the consumer trends of spending polarisation and the increasing focus on health and wellness. Between 2009 and 2012, the Dutch and Belgian discount fitness markets grew at a double-digit CAGR and this growth is expected to continue.
In partnership with management, 3i will support the company’s further domestic and international rollout. In addition, 3i has introduced Ronald van der Vis as chairman of the Board. Ronald brings extensive retail and international experience from his previous roles as CEO of Pearle/Grand Vision (an international chain of optical retailers) and CEO of Esprit (the international fashion brand). He also brings experience of the discount retail market from his role as non-executive director of Beter Bed, a Dutch listed discount bedroom furnishings retailer.
Pieter de Jong, Managing Director 3i Benelux, Robert Van Goethem, Partner, and Boris Kawohl, Director, will join the board from 3i.
Pieter de Jong, Managing Director 3i Benelux, commented: “We are delighted to be investing in Basic-Fit. We have known Rene and his team for a number of years; they have built a fantastic company and we are looking forward to working with them to bring Basic-Fit to a wider, international audience.”
Rene Moos, co-founder and CEO of Basic-Fit, commented: “We are pleased to be partnering with 3i. 3i has demonstrated a deep understanding of the retail discount market through their investment in Action and I am looking forward to working with them to further accelerate our growth in the coming years.”
About 3i Group
3i is a leading international investor focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. For further information, please visit: www.3i.com.
With 200 fitness centres across the Netherlands, Belgium, France and Spain, Basic-Fit is the largest fitness centre chain in Europe. For further information, please visit: www.basicfit.nl.