Basic-Fit, a Netherlands-based discount fitness firm received funding from a venture round funding from 3i Group PLC worth about EUR 110 million.

With an enterprise value of EUR 275 million, 3i Invested along with co-founder and CEO Rene Moss, who will also remain as one of the key shareholders in the company. With all that in mind, 3i had also appointed Ronald Van de Vis as Chairman of the board. Van de Vis was also the former chief executive of retailer Esprit.

With this partnership and solid management, Van de Vis would be able to further propel Basic-Fit for further domestic and international rollouts.

Van de Vis added, "I am looking forward to working with them to further accelerate our growth in the coming years." 

Established in 2003, Basic-Fit operates 200 discount gyms across Europe from the Netherlands, Belgium, Spain and France with a combined total of about half a million members. Basic-Fit is also the market leader in the  Netherlands and Belgium with 95 and 79 gyms respectively, aside from its 17 clubs in Spain and 9 in France.

3i's investment in Basic-Fit follows a period in which several mid-market buyout firms have invested in discount gym companies. Basic-Fit offers fitness memberships from EU 15.95 per month upwards. The company offers high-quality gym equipment, virtual group classes and are open 24 hours at some locations.