Virgin Active planning global growth
23 August 2011 10:54
It has been reported that gym chain Virgin Active's plans for global expansion are likely to receive a significant boost once the deal to make CVC Capital its majority shareholder is completed.
The private equity firm is to acquire 51% of the chain from Virgin Group, with the deal expected to complete towards the end of the year.
Virgin Active recently acquired rival Esporta and now has 254 clubs in the UK, South Africa, Australia and elsewhere.
Speaking to Marketing Week, senior managing director at CVC Peter Hooper said: "We have been impressed with the consistent and significant growth that Virgin Active has delivered since its launch and we look forward to working with management and Virgin to support the future international development of the business."
Virgin Active chief executive Matthew Bucknall added that the sale "brings in a new majority investor who will help accelerate the expansion (of the chain)."
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