Owners of Pure Group, the billionaire-backed gym chain catering to Hong Kong’s financial elite, is seeking a sale that could value the company at as much as US$500 million (HK$3.9 billion), people with knowledge of the matter said.
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Pure Group investors, including chief executive of Global Brands Group (0787) Bruce Rockowitz who is also known as husband to Chinese pop singer Coco Lee, are working with an investment bank to find a buyer for a controlling stake in the Hong Kong-based company, according to the people. It has drawn interest from Chinese private equity firms, the people said.
Many of Pure Group’s fitness centers occupy prime Hong Kong real estate like IFC Mall. Earlier in 2017, it opened a 10,000-square-foot yoga facility in the Pacific Place mall.
Founded in 2002, the group operates Pure Yoga and Pure Fitness centers in Hong Kong, Shanghai, Singapore, Taipei and New York. The company has over 70,000 clients and employs 1,400 staff, its website shows.
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Rockowitz owns around half of Pure Group.
Fung Group, the private holding firm of Hong Kong billionaire brothers Victor and William Fung, also wants to sell its stake of about 10 percent.
ZTE Holdings, parent of ZTE Corporation (763), also wants to sell some stake.
(Source: The Standard)