3i reaps GBP 146m from Basic-Fit sell-down

As part of the transaction, 3i has reduced its stake from 11.6% to 5.7% and received proceeds of around GBP 146m, it said in a statement. Its remaining stake is worth approximately GBP 143m.

The proceeds increase 3i's cash return from its investment in Basic-Fit to 4.1x and, including remaining value, to 5.5x.

3i invested EUR 97m in the MBO of Basic-Fit in November 2013; the deal valued the business at EUR 275m. The firm invested alongside the company's founder and CEO, Rene Moos, and members of the management team. As a result of the transaction, Moos and co-founder Eric Wilborts retained significant minority stakes, while CFO Hans Van der Aars became a new shareholder.

3i's IPO of the Dutch gym operator in June 2016 generated gross proceeds of approximately GBP 89m for the GP. The share price was set at EUR 15 per share. 3i's stake in the group was reduced from 44.4% to 23.7% through the listing. As part of the offering, 26.7 million shares were placed by the company and its shareholders, generating gross proceeds of EUR 400m and implying a market cap of EUR 820m.

In 2018, 3i sold 3.7 million shares at EUR 30.5 per share, receiving proceeds of around GBP 85m and reducing its stake from 23.7% to 18%.

Founded in 2003 and headquartered in Hoofddorp, near Amsterdam, Basic-Fit is a Dutch low-cost fitness club network operating 900 gyms across five countries.

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• Topics
• Exits
• Consumer
• Benelux
• 3i
• Partial sale