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September 22nd, 2005
Global Leisure Partners LLP advises BC Partners in £835 million buyout of Fitness First

Global Leisure Partners LLP (“GLP”) acted as the exclusive financial adviser to BC Partners, who today announced that they have agreed to acquire Fitness First Holdings Ltd from its current private equity owners, Cinven, for an enterprise value of £835 million ($1.5 billion).

Fitness First is the largest fitness company in the world, by number of clubs, comprising 424 clubs and over 1.1 million members across 15 countries in Europe, Asia and Australia. Fitness First is the market leader in 10 of the 15 countries in which it operates.

An affiliate of GLP, Global Leisure Capital Partners, will co-invest alongside BC Partners. David Giampaolo, Chief Executive Officer of Pi Capital and a GLP investor who originated and assisted in the transaction, will be an investor and also a Non-Executive Director of Fitness First.

David Giampaolo commented:

“I am delighted to have worked with BC Partners and GLP on this significant transaction in the global fitness industry. Fitness First has for a long time been regarded as a “best in class” operator and the most successful non-US operator in the world. This transaction offers a strong platform from which to capitalise on global growth opportunities.”

Mark Harms, Senior Partner of GLP, commented:

“This landmark transaction illustrates the strength of the GLP advisory and co-investment model. GLP was able to provide BC Partners with detailed industry knowledge and independent financial advice.”
The GLP team was led by Mark Harms and Adam Loriente, Principal.

Mark Harms
Chairman & CEO
Global Leisure Partners LLP
Tel: +44 (0) 20 7016 8050
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