The private equity owners of health chain Fitness First are eyeing up a stock market flotation, which would likely value the business at up to £2bn, but is turning its back on London for an Asian exchange.
BC Partners is considering whether to press ahead with a Fitness First flotation despite the stock market volatility that has forced other private equity companies to abandon similar initial public offerings (IPOs). If BC does decide to float part of the company, it is likely to seek a listing in either Hong Kong or Shanghai.
BC favours an Asian float as the region is seen as a more lucrative source of future growth. “The company is looking at different options… Given the growth in Asia, it is quite sensible for BC to consider floating there,” said a source close to the deal.
It is understood that any flotation, which could value Fitness First at between £1bn and £2bn, would take place next year. [Read more...]





