Brait Acquires 80% Stake in Virgin Active from CVC, Virgin Group
April 17, 2015
Brait has agreed to acquire an 80% controlling interest in Virgin Active, an international health club operator, from CVC Capital Partners and Virgin Group; the transaction places a £1.3 billion enterprise value on the company. Virgin Active currently has over 1.3 million adult members across 267 clubs spanning nine countries and four continents. Between 2004 and 2014, it grew its revenues and EBITDA at a CAGR of 22% and 20%, respectively, on a constant currency basis. As outlined in the deal, CVC will sell its entire stake in the company; Virgin Group will sell part of its stake, but retain a 20% interest, excluding management.