GIMV, the Belgian private equity firm, has sold its 81.3% interest in LA Gym to HealthCity Group, the largest fitness chain in The Netherlands, for an undisclosed sum. The proceeds from the sale has improved GIMV’s equity value as of December 31, 2005 by €1.4m, or €0.06 per share.
Executive investment manager for GIMV corporate investment Belgium, Kris Van Look, said: “Last year we were approached by different parties expressing their interest in LA Gym. We opted for HealthCity because this group’s member service, quality level and range of sports present a perfect match for LA Gym’s philosophy.”
GIMV acquired its stake in the Antwerp-based fitness company, in December 1999, seven years after the business was founded. It now has four clubs in the city, with a fifth due to open in spring 2007.