Amsterdam, the Netherlands – Basic-Fit N.V. (“Basic-Fit” or the “Company”), the largest "value-for-money" fitness club operator in Europe as measured by number of clubs, today announces its intention to launch an initial public offering (the “IPO” or the “Offering”) and listing on Euronext Amsterdam. The envisaged Offering will consist of a primary offering of new ordinary shares (the “New Shares”) and a secondary offering of existing ordinary shares (the “Existing Shares”) held by certain current shareholders. Net proceeds of the sale of New Shares will be used to refinance a portion of the Company’s indebtedness and to repay shareholder loans in full, improving the debt maturity profile, increasing the financial flexibility and positioning the Company for the continued implementation of its growth strategy. The listing is expected to take place in the near future, subject to market conditions.

Company highlights
Largest "value-for-money" or low-cost[1] fitness club operator in Europe measured by number of clubs with 351 clubs in the Netherlands, Belgium, Luxembourg, France and Spain and over one million members as at 31 March 2016

Track record of growth, opening 78 new clubs in 2015 and 13 new clubs in the first three months of 2016 with the target of opening 65 to 75 clubs in total in 2016, and a similar number per year over the medium-term

Active in the large and growing European fitness market, driven by increasingly favourable demographic and macro-economic developments, benefiting from an increased awareness of healthy lifestyles across various demographics and government initiatives to publicise the health benefits of increased physical activity, with the low-cost segment driving increased penetration rate levels

High value-for-money proposition and core fitness offerings, flexible memberships and a network of clubs across five European countries, which we believe resonate strongly with those entering the fitness market for the first time

Scalable and proven business model well positioned to capture growth opportunity in the low-cost fitness market in existing geographies

Significant growth and value-creation opportunities driven by the maturation of the Company’s existing estate, continued roll-out of new clubs, leverage “add-on” revenue opportunities and increasing secondary income sources as well as potential for further consolidation in a fragmented market

Attractive financial characteristics with €202.2 million in revenue, €60.1 million Adjusted EBITDA[2], an attractive margin profile and strong underlying cash generation in FY 2015

Proven committed management team with extensive experience in the sector with a strong institutional management structure

Highlights of the Offering

The Offering will consist of a primary offering of New Shares and a secondary offering of Existing Shares held by certain current shareholders


The Offering is expected to be available to institutional investors and retail investors in the Netherlands, and to certain qualified institutional investors in various other jurisdictions


Following the Offering, René Moos (the Company’s CEO and co-founder) intends to remain a significant long-term shareholder in Basic-Fit

ABN AMRO and Morgan Stanley are acting as Joint Global Coordinators and Joint Bookrunners for the Offering. Barclays, Deutsche Bank and ING are acting as Joint Bookrunners and KBC, NIBC and Rabobank as Co-Lead Managers for the Offering. Lazard & Co., Limited (“Lazard”)is acting as financial advisor.

René Moos, CEO and co-founder of Basic-Fit: “Basic-Fit is established as the largest European fitness club operator in its segment, operating in some of continental Europe’s most attractive fitness markets. We have realised significant growth over the past years, supported by our current main indirect shareholder 3i, and are now ready for a new phase. We believe an IPO is the logical next step in the development of Basic-Fit and a listing will be instrumental in effectively implementing our strategy going forward.

Not only will the listing enable us to further strengthen our financial position, it will provide us full access to capital markets, supporting us in the implementation of our growth strategy of continuing the roll-out of new clubs across Europe. With our low-cost and quality fitness clubs we directly address the trend of healthy lifestyles and focus on individual health, and we will keep doing so in the years ahead of us. Member experience is one of the key pillars of our proposition. We look forward to the opportunities a listing on Euronext Amsterdam will bring.”


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[1]The Company considers the "value-for-money" or low-cost segment of the fitness market to consist of clubs that offer fitness services against a membership fee of €25.00 or less per month.
[2]The Company defines Adjusted EBITDA for a period as profit (loss) for the period attributed to the Company’s owners, before interest, taxes, depreciation and amortisation, and before exceptional expenses.

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