Altor's Run Bidco acquires Fitness DK

The target will be acquired by Run Bidco, a wholly owned subsidiary of Altor Fund III, and TryghedsGruppen, which controls gym chain Sats Group.

The sale was valued at DKK 100m on a cash- and debt-free basis and will be paid for in cash at completion.

With the acquisition of Fitness DK, Run Bidco expects to develop the chain alongside the other gym chains it controls, including Sats Group, which runs around 200 gyms in the Nordic region.

Previously, Altor Equity Partners and TryghedsGruppen agreed to merge Nordic fitness chains Sats, Elixia, Fresh Fitness, Safe and Metropolis in June 2013. The merged group of Swedish and Norwegian fitness clubs continued to operate under their respective brands.

The transaction is conditional upon regulatory approval but is expected to conclude by August 2018.

Company
Established in 2001 and headquartered in Copenhagen, Fitness DK operates gym chains around Denmark. It posted a profit before tax of DKK 61.5m in 2017, and the company's revenues came to DKK 1.28bn.

People
Fitness DK – Jakob Hansen (CEO).

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• Topics
• Portfolio management
• Nordics
• Consumer
• Denmark
• Altor
• Build-up