GIMV has sold its stake in the Antwerp-based LA Gym health club chain to HealthCity, the largest fitness chain in the Netherlands with 30 clubs.
LA Gym’s four upmarket clubs – with a fifth planned for spring 2007 – will be added to HealthCity’s four Belgian clubs.
There is also the possibility of a further 12 clubs being gained through a merger with market number two, Sportopolis. This follows merger conversations between HealthCity and the Sportopolis Group, which began recently.
The deal, which has boosted GIMV’s equity value by 1.4m euro (£960,000), reinforces HealthCity’s stated aim of becoming a leading health club group in Belgium – a strategy supported by Waterland Private Equity Investments, a key HealthCity shareholder.
Frank Vlayen of Waterland said: “The penetration of the Belgian health club market is relatively low compared with the surrounding countries and therefore has a lot of growth potential.
“Moreover, the market is still very fragmented, which offers us the possibility to play an active role in its consolidation.”
