Holmes Place Iberia, the south-western European division of UK fitness club operator Holmes Place, has been sold by Bridgepoint and Permira to a private equity syndicate for E110m.
The consortium, which consists of Spanish firms Mercapital and Nmas1, and Portuguese house Explorer Investments, now owns 89% of the company, with the management holding the rest.
Proceeds from the sale, which included 15 clubs in Spain and Portugal, will be used by Holmes Place to reduce its debt and focus on its core UK business.
Permira Europe II and Bridgepoint Europe II took Holmes Place private in July 2003 in a £210m (just over E300m) deal. The business now has 45 facilities in the UK and a further 14 in Continental Europe.