BC Partners, equity owners of the health chain Fitness First are considering a stock flotation. This would likely value the business at around £2 billion.
Due to potentially more lucrative source for growth for Fitness First in the future, BC Partners has chosen an Asian float versus giving London a run. The current volatility in the stock market could end up being the biggest deterrent that halts any move right now. “The company is looking at different options…Given the growth in Asia, it is quite sensible for BC to consider floating there, ” said a source close to the deal. Any float which takes place won’t happen until next year.
Fitness First has been successful since its inception in 1993. Its total now stands at 550 clubs, with more than 150 located in Asia and Australia. Gyms enjoy greater popularity in Europe than in Asia, but all estimates point toward that gap narrowing since the market is growing faster than it is in the UK.