Buyout firm CVC Capital Partners has more than doubled its money after exiting its investment in gym chain Virgin Active after less than four years.
CVC, which bought a 51% stake in Virgin Active in August 2011, has sold its stake in the business to South Africa-listed investment company Brait, in a deal that values the company at around £1.3 billion, according to a statement. Virgin Active has a substantial business in South Africa.
