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Esporta heading for acquisition trail
Health club operator Esporta has reportedly appointed investment bank Citigroup to advise and help it make acquisitions in the sector.
Speaking to The Times, Esporta’s chief executive, Neil Gillis, confirmed that the bank had been given a mandate to search for suitable targets in the premium health club sector.
There are rumours that Esporta appointed Citigroup in an attempt to take over one of two rival chains – David Lloyd Leisure or Next Generation.
Earlier this year, Gillis said: “If either David Lloyd (DLL) or Next Generation became available, we would be interested.”
Should Esporta approach DLL, it could find itself in a bidding war with the founder of Virgin Group, Richard Branson, who last week was also rumoured to be interested in DLL.
Virgin Group is currently looking to expand its health and fitness arm after it announced that it had bought back the 55 per cent stake in Virgin Active that it had sold to private equity firm Bridgepoint Capital in 2002.
Last July, Esporta sold 13 non-core clubs to Virgin Active for an undisclosed sum. Details: www.esporta.co.uk
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