Pure Group looking to sell majority stake
Hong Kong gym chain Pure Group is seeking to sell, with insiders saying its value could reach as high as US$500 million.
A Straits Times report says 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.