Total gross proceeds of 3i are approximately EUR 113 million (GBP 89 million). At the offer price, the remaining 23.7% stake held by 3i is worth about EUR 194 million (GBP 153 million). Together, this represents an increase in value of 16% against a valuation (in GBP) of EUR 263 million (GBP 208 million) as of 31 March 2016. In sterling terms, these proceeds take 3i’s cash return to date from its investment in Basic-Fit to 1.1x and, including remaining value, to 3.0x (1.2x and 3.2x in euro terms respectively).
The Offering has an over-allotment (Greenshoe option) of up to 4 million additional shares, of which 3i has agreed to sell up to 2.4 million shares.
3i Group invested EUR 97 million EUR into Basic-Fit in December 2013 at an enterprise value of EUR 275 million. Basic-Fit has undergone a period of transformational growth since 3i’s investment, increasing the number of clubs by 75% from 199 to over 350 across the Benelux, France and Spain. The international roll-out strategy is underpinned by investments in the organisation and the consumer trends of spending polarisation and the increasing focus on health and wellness. The combination of a professional organisation, strong brand and customer proposition and a well-invested estate have created a platform for further growth and enhanced profitability.
At the point of investment, 3i introduced Ronald van der Vis as Chairman of the board. Ronald was previously CEO of Pearle/Grand Vision and Esprit. 3i’s experience in international growth strategies and in the discount retail market has helped to support the company in realising its strategy.
Pieter de Jong, partner and managing director of 3i Benelux, commented: “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.”
Basic Fit CEO Rene Moos said: “We are pleased to announce the successful listing of Basic-Fit on Euronext Amsterdam. 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.”
Source: Basic Fit, 3i