Virgin Active, the health and fitness group, has signed an agreement to acquire Holmes Place’s UK business, comprising 47 clubs in the UK with a membership of 190,000. Virgin will have a majority stake of the enlarged Group. The Holmes Place clubs will be rebranded as Virgin Active by the end of second quarter 2007. The transaction, which values the Group at £650m, involves Bridgepoint and Permira funds reinvesting in Virgin Active by taking a minority stake. Completion is subject to approval by the OFT.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties