FSN Capital sells 64% of Fitness World's shares to Kirkbi
FSN Capital, an Oslo, Norway-based private equity house announced entering into an agreement to sell 64% of its shares in Fitness World, Denmark's largest fitness chain.
The transaction, which has the financial details undisclosed, was made with Danish investment company KIRKBI A/S, which thus becomes a co-investor in Fitness World.
The deal involves the sales of preference shares, meaning that KIRKBI gets the first part of the return on investment in the company, while the active ownership role is still maintained by FSN Capital. The deal also means that FSN Capital can see return on its investment while Fitness World gets a capital-rich co-investor.
Fitness World, led by CEO Steen Albrechtslund, was started in 2005 by Henrik Rossing and currently has 158 gyms spread across the country, 10 Urban Gym Center and 14 Fitness World Centers in Poland. Fitness World has almost 500,000 members.
FSN Capital acquired Fitness World A/S in 2015 in a transaction done with the company's founders and management.