Mon, 08 Apr 2013 | BUSINESS SALE
Gym company David Lloyd could be sold to the US owner of the Belfry golf resort, KSL Capital Partners.
Blackstone, a US investment house, is also considering submitting a bid for David Lloyd, while other bidders are thought to be in the background. Investment bank UBS is advising on the business sale after being initially taken on to look at funding options to help the firm achieve its expansion plans.
David Lloyd runs over 80 tennis and fitness clubs in the UK and is currently controlled by London & Regional, a property company, and private equity firm Caird Capital. The company was founded back in 1980 by former tennis player David Lloyd and his son Scott. Whitbread bought the business in 1995, before it was later sold to Caird Capital in 2007.
The last sale went through at around £925 million and the next buyer is thought to pay around £900 million when the firm is sold.
David Lloyd is looking to expand its business further into Europe, as well as opening up clubs through a joint venture in India. Its most recent efforts have focused on high street fitness studios, although it does still have plans to open more larger clubs in the UK.
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