3i invests €110m in Basic-Fit

The firm has acquired a 55% stake in the business and invested alongside co-founder and CEO Rene Moos and members of the management team. Moos and co-founder Eric Wilborts reinvested to retain significant minority stakes.

Basic-Fit plans on rolling out additional gyms across Europe and extending its international reach.

3i acquired Basic-Fit from Leisure Group Europe (LGE), the holding company of Basic-Fit and Health City International, another Dutch fitness chain that was owned by Waterland Private Equity until September this year.

Waterland acquired Health City in June 2005 for €12m, investing via its €170m Waterland Private Equity II fund.

LGE acquired Basic-Fit in June 2010. In September this year, Waterland divested the Health City business in a management buy-back, with the founders acquiring Waterland's 50% stake in Health City.

Company
Founded in 2003 and headquartered in Hoofddorp, Basic-Fit operates 200 gyms across the Netherlands, Belgium, Spain and France, the majority of which are located in Belgium and the Netherlands.

The company operates low-cost gyms, with membership rates starting from €15.95. Basic-Fit claims to be the largest fitness centre chain in Europe and currently counts 500,000 members.

People
Rene Moos is the CEO of Basic-Fit. Pieter de Jong is a managing director for 3i's Benelux operations. De Jong will join Basic-Fit's board of directors alongside 3i partner Robert Van Goethem and director Boris Kawohl.

The firm has also brought in former Pearle and Esprit CEO Ronald van der Vis to take up the role of chairman of Basic-Fit's board of directors.

Advisers
Equity – Allen & Overy, Karine Kodde, Jasper de Jong (Legal); Lazard, Wouter Han (Corporate finance); PwC (Financial due diligence); OC&C (Commercial due diligence).

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• Topics
• Benelux
• Consumer
• Buyouts
• Netherlands
• 3i
• Waterland Private Equity