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3i’s Basic Fit Gym Chain to Sell Shares on Euronext Amsterdam

Private equity firm 3i Group Plc plans to list Dutch fitness-center chain Basic-Fit, joining a growing list of companies holding initial public offerings in the Netherlands this year.

The offering will take place soon and will include new and existing shares, according to an e-mailed press release. Rene Moos, the company’s chief executive officer and co-founder, intends to remain a significant long-term shareholder in Basic-Fit, the company said.

The shares will trade on Euronext Amsterdam. No details were given about the size of the offering. The IPO could value the company at about 1 billion euros ($1.1 billion), people familiar with the matter said in February.

“We have realized significant growth over the past years, supported by our current main indirect shareholder 3i, and are now ready for a new phase," said Moos in the statement. “A listing will be instrumental in effectively implementing our strategy going forward."

Basic-Fit joins companies including Royal Philips NV’s lighting business and state-owned insurer ASR in seeking an initial public offering this year. Private-equity firms and companies are trying to raise capital on the markets before sentiment deteriorates due to uncertainty about the outcome of the June 23 referendum on membership in the European Union. Dutch companies raised almost $8 billion from IPOs last year, more than half of which came from state-controlled lender ABN Amro’s listing, according to data compiled by Bloomberg.

The chain has about 351 gyms across the Netherlands, Belgium, France, Luxembourg and Spain. The business had revenue of 202 million euros in sales last year, with 60 million euros in adjusted earnings before interest, taxes, depreciation and amortization. 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.

ABN Amro and Morgan Stanley are acting as joint global coordinators and joint bookrunners for the offering.

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