Published By : 24 Nov 2017 | Published By : QYRESEARCH
Fountain Vest Partners are in advanced negotiations with Pure Group in terms of a potential takeover. The company is in talks of a deal worth over US$400 million of taking over the gym chain in Hong Kong backed by the billionaire, sources close to the matter expressed their opinions.
The private equity firm of China is on a late-stage negotiations with the owners of Pure Group which also involves businessman Bruce Rockowitz and the buyout firm Leonard Green. Other possible buyers includes Primavera Capital, which according to the sources close to the deal, is still believed to be sniffing round the corner. These sources declined to reveal their identity keeping in mind the gravity and confidentiality of the information.
Fitness centers of Pure Group cater to the needs of legions of Hong Kong’s highbrow lawyers and bankers. They are placed in the prime real estate areas such as IFC mall, within an earshot of the local headquarters of the stock exchange and UBS Group AG. Earlier in the year, it opened up a 930 square meter (10,000 square foot) facility for yoga in the posh Pacific Palace mall, just downstairs from the work places Carlyle Group LP, in a place where the Burberry Group Plc outlet previously used to be.
Set up in 2002, the Pure Group monitors Pure Fitness and Pure Yoga centers in Hong Kong, Taipei, New York, Singapore, and Shanghai. It also administers the rooftop RED Bar + Restaurant, which provides splendid views of Victoria Harbor of Hong Kong, and sells its in house brand of organic food and activewear.