BC Partners Plans to Deal Fitness First

U.K.-based buyout shop BC Partners is planning to sell the Australian and Asian operations of its Fitness First gym chain, Reuters reported Friday. A deal for the chain could fetch as much as $972 million, Reuters said, citing the Australian Financial Review. According to previous reports, private equity firm BC Partners paid 835 million pounds ($1.3 billion) to take control of Fitness First in 2005, Reuters wrote.

(Reuters) – BC Partners, a UK-based private equity firm, is planning to sell the Australian and Asian operations of its Fitness First gym chain in a deal that could be worth more than A$1 billion ($972 million), the Australian Financial Review said on Friday.

The newspaper said indicative bids for the business, which runs 165 gyms with more than 400,000 members in Australia and Asia, were due within 10 days.

The report said the decision to sell the operations came after a planned float of the company in Singapore was pulled. It said Rothschild were advising BC Partners on the sale.

A spokesman for Rothschild Australia could not be reached immediately.

Fitness First postponed its planned initial public offering in Singapore, making it the latest company to shelve its listing plans due to the volatile market conditions, the Wall Street Journal reported on Monday.

According to previous reports, private equity firm BC Partners paid 835 million pounds ($1.3 billion) to take control of Fitness First in 2005.