Sir Richard Branson has reason to celebrate as his Virgin Active gyms was bought by the financial group Bait.
Sir Richard Branson has reason to celebrate as his Virgin Active gym business was bought by the financial group Bait. According to The Independent, the private equity group is backed by one of South Africa’s richest men, Christo Wiese.
The Independent reports that the deal values Virgin Active at £1.3bn including debt.
The Branson’s Virgin Group has reduced its stake in Virgin Active from 46% to 20%. Meanwhile, the venture capital firm CVC has sold its entire stake to Brait.
In the UK, Virgin Active is one of the biggest gym groups with 99 gyms around Britain. In South Africa, Virgin Active owns 114 gyms across the entire country. Virgin Active has 1.3 million members around the world, with 722,000 of those in South Africa.
Sir Richard said: “Virgin Active is a business that we are proud to have been associated with from the very beginning, over 15 years ago. While today’s transaction is testament to the huge amount the business has already achieved, we believe that its future is more exciting. We are delighted that we will continue to play a part in this.”