Pure Gym among final bidders for FSN's Fitness World – report

Final bids for Fitness World are expected on 3 December, according to the Mergermarket report, citing two sources familiar with the situation.

Leonard Green-backed UK peer Pure Gym is among the final bidders, according to one of the aforementioned sources and a third source familiar with the situation. Sun Capital had a look at the asset, one of the sources and an adviser tracking the situation said, but it is not looking to commit with a final bid, a fourth source familiar said.

Pure Gym and Sun Capital declined to comment.

Nordic Capital and KKR were looking to place a bid last month, the first source familiar said, but could not confirm whether these parties are in the process. KKR declined to comment. Nordic Capital did not respond to requests for comment in time for publication.

The company has mainly received interest from international players, a second banker tracking the situation said.

Fitness World generates around €60m in EBITDA and €300m in revenues, as previously reported by Mergermarket. The asset could fetch up to 9x EBITDA if it shows it can expand beyond Denmark, as per the same report. However, a fifth source familiar said that 8x EBITDA would be more reasonable considering it is mostly present in one market.

The sponsor, which acquired the business in 2015, hired Harris Williams to handle the sale process, as reported.

FSN Capital declined to comment. Fitness World did not respond to requests for comment.

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• Topics
• Exits
• Consumer
• Nordics
• UK / Ireland
• FSN Capital