3i Said to Consider IPO of Basic-Fit Gyms Valued at $1.1 Billion

  • Private equity firm picks Morgan Stanley, ABN Amro to advise
  • Amsterdam listing may happen this year if markets hold

Private equity firm 3i Group Plc is considering an initial public offering for Basic-Fit, which could value the Dutch gym chain at about 1 billion euros ($1.1 billion) including debt, according to people familiar with the matter.

The company has picked Morgan Stanley and ABN Amro Group NV as advisers, and may list Basic-Fit in Amsterdam this year if the market for IPOs is favorable, said the people, who asked not to be named because the deliberations are private. No final decision has been made, and 3i may choose to pursue a sale or keep the company longer, they said.

Dutch companies raised almost $8 billion from IPOs last year, more than half of which came from state-controlled lender ABN Amro’s own listing, according to data compiled by Bloomberg. Shares of The Gym Group Plc have risen 22 percent since its London IPO in November.

Spokesmen for 3i, Morgan Stanley and ABN Amro declined to comment.

Basic-Fit has more than 300 gyms across the Netherlands, Belgium, France, Luxembourg and Spain. 3i invested 110 million euros in Basic-Fit in 2013 in a transaction valued at about 275 million euros, the buyout firm said on its website.

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