Key facts
- Permira is reportedly preparing a bid for Third Space.
- The reported bid is around £700 million.
- Third Space is a premium gym operator.
- Third Space operates 15 clubs across London.
- KSL Capital Partners is the current owner of Third Space.
- KSL Capital Partners is planning an auction sale for Third Space.
Private equity firm Permira is reportedly preparing to make a bid of approximately £700 million for Third Space, a high-end gym operator. Third Space currently manages 15 clubs located throughout London. The current owner of the fitness group, KSL Capital Partners, is orchestrating an auction sale process for the company. Permira has emerged as a significant contender in this potential acquisition.
The proposed bid from Permira highlights the ongoing interest in the premium fitness sector. Third Space has established itself as a notable player in the London market with its upscale facilities and services. The auction sale process initiated by KSL Capital Partners suggests a strategic move to divest its ownership of the gym chain.
This potential acquisition comes at a time when the fitness industry is seeing varied recovery and growth patterns post-pandemic. Premium gym operators, in particular, are often seen as resilient due to their loyal customer base and higher membership fees, which can offset operational costs. The valuation of £700 million indicates a substantial market assessment of Third Space's brand and operational footprint.