3i gets in shape after acquiring gym chain

Michael Bow
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LISTED private equity firm 3i made its latest foray into the buyout market yesterday by taking a controlling stake in European budget gym chain Basic-Fit for €110m (£91.7m).

The deal will give 3i, the UK’s oldest private equity investor, a 55 per cent stake in the Dutch company after the gym’s founder chief executive Rene Moos decided to sell half of the firm to the group.

3i managing director Pieter de Jong said: “We are looking forward to working with them to bring Basic-Fit to a wider, international audience.”

De Jong will join the board alongside fellow 3i staff Robert Van Goethem and Boris Kawohl. The budget gym chain is the largest of its kind in Europe and operates in Holland, Belgium, Spain and France, although there are no plans to open in the UK.