Pure Group looking to sell majority stake
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Hong Kong gym chain Pure Group is seeking to sell, with insiders saying its value could reach as high as US$500 million.
The company’s investors, including buyout firm Leonard Green & Partners and businessman Bruce Rockowitz, are working with an investment bank to find a buyer for a controlling stake.
Founded in 2002, Pure Group has Pure Yoga and Pure Fitness centres in prime spots in Hong Kong such as IFC Mall, as well as Shanghai, Singapore, Taipei and New York. It also has the rooftop Red Bar + Restaurant with views over Victoria Harbour, and sells its own branded activewear and organic food.
According to its website, the company has more than 70,000 clients and employs 1400 staff.
Global Brands Group Holding CEO Rockowitz, who is married to Chinese pop singer Coco Lee, is believed to own about half of Pure Group.
Fung Group is also seeking to offload its stake of about 10 per cent, insiders say, while Pure Group management is expected to keep a minority interest.
Questions & Answers
Q.Which existing investors are looking to sell their stake in Pure Group?
Which existing investors are looking to sell their stake in Pure Group?
Buyout firm Leonard Green & Partners and businessman Bruce Rockowitz, who reportedly owns about half of Pure Group, are working with an investment bank to find a buyer. Fung Group is also seeking to offload its approximately 10 per cent stake.
Q.What is the estimated value of Pure Group in a potential sale?
What is the estimated value of Pure Group in a potential sale?
Insiders suggest that Pure Group's value could reach as high as US$500 million. This figure is part of the ongoing process to find a buyer for a controlling stake in the company.
Q.What other businesses does Pure Group operate besides gym chains?
What other businesses does Pure Group operate besides gym chains?
Pure Group also operates the rooftop Red Bar + Restaurant, which offers views over Victoria Harbour. Also, the company sells its own branded activewear and a range of organic food products to its clients.
Q.What is the current employee count and client base for Pure Group?
What is the current employee count and client base for Pure Group?
According to its website, Pure Group currently employs 1,400 staff members across its various operations. The company also states that it serves a substantial client base of more than 70,000 individuals.
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