
TDR begins sales process for David Lloyd
TDR Capital has begun the sales process for David Lloyd, a UK-based chain of gyms and tennis clubs, Unquote understands.
A source close to the situation said reports by Unquote sister publication Mergermarket that the GP is marketing the business based on an EBITDA of more than £130m are "broadly correct".
Rothschild has been mandated with the sales process for the business, the source confirmed, which comes four and a half years after TDR wholly acquired the business in a deal believed to have been worth around £750m.
Mergermarket, which cited three sources who spoke on condition of anonymity, reported that Apax Partners, Onex and Brookfield Asset Management are among the prospective buyers to have taken part in the first round of bidding.
Under TDR's tenure, the business has acquired an additional 20 sites and invested in the enhancement of facilities across its existing estate.
David Lloyd now operates 111 leisure clubs with facilities including gyms, racket sport facilities and swimming pools. Of its locations, 98 are in the UK, while the remaining 13 are across Ireland, Spain, Italy, the Netherlands and Belgium.
A spokesperson for TDR declined to comment when approached by Unquote.
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