10th Jun 2016 09:25
LONDON (Alliance News) - 3i Group PLC, the FTSE 100 private equity firm, said it realised GBP89 million from the initial public offering of Benelux-based discount gym chain Basic-Fit, which listed on Euronext Amsterdam and saw its shares start trading Friday.
In a statement, 3i said its remaining 23.7% stake has a value of about GBP153 million at the EUR15 per share pricing of Basic-Fit's IPO. 3i reduced its stake in Basic-Fit from 44.4% in the float.
The valuation of 3i's stake at the IPO price represents a 16% increase in value against a valuation of GBP208 million as recorded on March 31.
As part of the offering, Basic-Fit and its existing shareholders placed 26.7 million shares and raised EUR400 million in total, valuing the gym chain at EUR820 million.
The offering has an over-allotment of up to 4.0 million additional shares, to which 3i has agreed to contribute 2.4 million shares.
3i invested EUR97 million into Basic-Fit in December 2013 at an enterprise value of EUR275 million.
"Basic-Fit has successfully executed its international growth strategy in recent years, creating market leading positions in the Netherlands and Belgium in addition to a strong platform for further growth in both France and Spain. We are proud to have supported the business during this transformational period and will retain a significant stake in the company. We are confident that Basic-Fit will continue its growth trajectory," Pieter de Jong, partner and managing director of 3i Benelux, said in a statement.
Rene Moos, chief executive officer of Basic-Fit, said: "This represents a significant milestone for the company and we would like to thank our shareholders, including 3i, for partnering with us to achieve the company?s international ambitions."
Shares in 3i were down 1.9% at 554.00 pence Friday in London.
By Samuel Agini; [email protected]; @samuelagini
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