Planet Fitness enters 11th hour bid for bankrupt Blink Fitness
Invoice Tompkins | Michael Ochs Archives | Getty Photos
Planet Fitness desires to perform bankrupt funds successfully being chain Blink Holdings, essentially based on court docket filings viewed by CNBC.
Planet Fitness previously misplaced out in a economic damage auction against U.Okay.-essentially based, privately held successfully being chain PureGym. Now the U.S. chain, with a public market valuation of roughly $6.8 billion, is making yet one more strive.
Equinox Neighborhood-owned gymnasium chain Blink Fitness filed for economic damage protection in August after a failed strive by the sumptuous successfully being community to enter the funds-pleasant market. Since then, its extra than 100 successfully being centers had been tied up in economic damage court docket.
Final week, PureGym won the business damage auction for Blink and its property, at the side of 60 of its gyms in Unique York and Unique Jersey, with a roar of $121 million, essentially based on economic damage filings.
An acquisition of Blink places would invent greater PureGym’s U.S. operations after the firm first entered the market in 2021.
Planet Fitness’s preliminary roar used to be rejected in half because of concerns around antitrust concerns, folks acquainted with the subject told CNBC. Planet Fitness already owns a significant piece of the successfully being membership market with extra than 2,000 clubs in the U.S., essentially based on estimates by Piper Sandler.
In making a subsequent play for Blink, Planet Fitness has submitted two supplies, essentially based on the filings.
One proposal supplies $142 million for Blink’s property, at the side of a $28.4 million deposit, equipped that Planet Fitness is no longer required to kind out antitrust concerns in approach.
A 2d proposal will increase the provide to $155 million with a $31 million deposit and includes making select regulatory filings that contend with antitrust concerns in approach.
A Delaware economic damage court docket would possibly per chance presumably lend a hand a listening to Wednesday at 11 a.m. ET to imagine the unique bids.
Planet Fitness didn’t retort to CNBC’s search recordsdata from for statement.
