Blink Health location in New York Metropolis.
Invoice Tompkins | Michael Ochs Archive | Getty Photographs
Planet Fitness is trying to purchase bankrupt price range health chain Blink Holdings, in response to court docket paperwork reviewed by CNBC.
Planet Health beforehand misplaced a chapter bid towards UK-based non-public health chain PureGym. Now the American chain, with a public market valuation of roughly $6.8 billion, is making a brand new try.
Blink Health is a sequence of gyms owned by Equinox Group filed for bankruptcy protection in August after the luxurious health group’s failed try to interrupt into the price range market. Since then, its greater than 100 health facilities have been tied up in chapter court docket.
Final week, PureGym received the chapter public sale for Blink and its belongings, together with 60 of its New York and New Jersey gyms, with a $121 million bid, in response to chapter filings.
The acquisition of Blink places will broaden PureGym’s U.S. operations after the corporate first enters the market in 2021.
Planet Health’ preliminary bid was rejected partly due to antitrust considerations, folks accustomed to the matter instructed CNBC. Planet Health already has a big share of the health membership market with greater than 2,000 golf equipment within the U.S., in response to estimates by Piper Sandler.
In making a follow-up play for Blink, Planet Health submitted two affords, in response to the filings.
One proposal affords $142 million for Blink’s belongings, together with a $28.4 million deposit, on the situation that Planet Health will not be required to deal with antitrust considerations beforehand.
A second proposal will increase the supply to $155 million with a $31 million deposit and contains the submitting of choose regulatory filings that preliminarily handle antitrust considerations.
The Delaware chapter court docket will conduct a rumor Wednesday at 11 a.m. ET to evaluation the brand new affords.
Planet Health didn’t reply to CNBC’s request for remark.
