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GIMV sells its stake in LA GYM
GIMV announces that it has sold its stake in fitness chain LA Gym to the Dutch HealthCity group. GIMV has been a majority shareholder of the Antwerp fitness group since 1999. The sale of its stake in LA Gym has a EUR 1.4 million (EUR 0.06 per share) positive impact on GIMV’s most recently published equity value (IFRS value) at 31 December 2005.
LA Gym (www.lagym.be), founded in 1992, has grown into the leading chain of fitness clubs in Antwerp. LA Gym today has four clubs in Antwerp, with a fifth opening scheduled in spring 2007. GIMV has been a shareholder in LA Gym since 1999 with an interest of 81.3%. The remaining shares are held by CEO Rob Peys.
HealthCity is the Netherlands’ largest fitness chain with 30 clubs. Kris Van Look, executive investment manager for GIMV Corporate Investment Belgium, explains the choice of HealthCity: “Last year we were approached by different parties expressing their interest in LA Gym. We opted for HealthCity because this group’s member service, quality level and range of sports present a perfect match for LA Gym’s philosophy. HealthCity has already demonstrated its strong ambitions to expand in Belgium by signing an agreement last March that can lead to a merger with Belgium’s Sportopolis group. This strong and ambitious structure appears to us the ideal ground for guaranteeing LA Gym’s further growth.”
The sale of its stake in LA Gym has a EUR 1.4 million (EUR 0.06 per share) positive impact on GIMV’s latest published equity value (IFRS value) at 31 December 2005.
For more information, please contact:
Mr. Frank De Leenheer - Investor Relations Manager GIMV
Tel: +32 3 290 22 18 - E-mail: email@example.com
Mr. Kris Van Look - Executive Investment Manager GIMV
Tel. +32 3 290 21 17 - E-mail: firstname.lastname@example.org