Global fitness chain Virgin Active has been sold to South African investment firm Brait.

Virgin Active has perennially been linked to potential IPOs – both on the London and Johannesburg stock exchanges – however a company spokesperson told Health Club Management that the deal means there are now no plans for a listing in the immediate future.

Brait will acquire an 80 per cent stake in the health club operator, which was founded by Sir Richard Branson in 1999 and has amassed a global portfolio of 267 clubs in nine countries. The chain has 101 clubs in the UK and is Europe’s largest health club group by revenue.

“Virgin Active is a business that we are proud to have been associated with from the very beginning, over fifteen years’ ago," said Branson.

"We are delighted that we will continue to play a part in this alongside Brait, another long term investor with a strong track record in growing businesses, and would like to thank CVC for their support of the business during their period of ownership.”

CVC Capital, which bought a 51 per cent stake in the business in 2011, will sell all of its stake and Virgin Group will sell part of its shareholding. The deal – expected to completed later this year pending approval from South African competition authorities – will see Brait own 80 per cent of Virgin Active, with Virgin Group retaining 20 per cent. The existing management team will be retained, and will be reinvesting alongside Brait.

"Virgin Active is a business that we have tracked for many years, and we welcome the opportunity to invest in the company, alongside one of the world's most renowned entrepreneurs,” said Brait South Africa CEO John Gnodde.

“Virgin Active's long-tenured and experienced management team, most of whom have been part of the company since its founding, have delivered impressive performance throughout the company's history.”