Bencis takes over Fit For Free and SportCity from Avedon

Fit For Free's works council issued a positive recommendation, and the acquisition is now awaiting approval by the Dutch competition authority. All financial details remain undisclosed.

Avedon (then NIBC Capital Partners) and the management of fitness facilities operator SportCity completed the acquisition of Fit For Free in 2009. The debt package for the deal was provided by ABN Amro and ING Bank. The GP provided growth capital to Sport City to fund the deal and secured a minority stake of 40% in the group - it has now fully exited its investment.

Sport City's core strategy was to aggressively roll out the budget concept in the Netherlands and abroad. During the holding period, Fit For Free went from 21 locations to 90.

Overall, the two chains increased the number of clubs from 42 to 110 through organic growth and acquisitions, according to Avedon. This resulted in the group reaching 400,000 members and doubling its revenues over the holding period. According to Avedon's website, the group generated revenues of €49m at entry.

Bencis is currently investing from its Buyout Fund V, which was launched with a target of €410m and a €425m hard-cap in early 2016. The fund held a final close on its hard-cap in July of that same year.

According to the management of the target company, Bencis is aiming to support Fit For Free and SportCity's existing growth strategies. The deal was transacted as a one-on-one process - Bencis was already familiar with the asset, having looked at it at the time of Avedon's investment, Avedon partner Michel Verhoog told Unquote. Its experience with roll-outs and willingness to acquire the two brands as a whole were also important factors in securing a deal, he added.

Company
According to Avedon, SportCity/Fit For Free will be the second largest fitness chain in the Netherlands, with around 400,000 members and 100 locations. The vast majority of these locations (90) are under the Fit For Free brand, which focuses on the budget segment. SportCity focuses on the mid-priced segment.

Fit For Free was established in 2004, while SportCity dates back to 1995.

People
Avedon Capital Partners - Michel Verhoog (partner).
Fit For Free – Sabine Kloos (CEO).

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