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Goldman Sachs ups stake in Russia’s World Class

3 Feb 2014

health-fitness-gym-exercise-bikeInvestment bank Goldman Sachs has increased its stake in Russian fitness clubs chain World Class.

Goldman Sachs’ Special Situations Group (SSG) and Russian banking group VTB will acquire the stake owned by Alfa Group’s investment unit Alfa Capital Partners and will jointly hold a 50 per cent interest in the business, according to Reuters.

SSG previously held a 12.5 per cent stake in World Class, in which it first invested in 2006.

“We like the business, it is an established platform – one of the most well-known brands in Russia and it operates in the premium segment,” said head of Goldman’s European SSG in Russia Maxim Klimov, according to the report.

“Consumer demand may be (slowing down), but this doesn’t … change the investment thesis – it just makes the bar a little higher and we’re still bullish on the long-term picture across the cycle.”

Last month it was reported that Goldman’s private equity arm was looking to sell egg and dairy products business Michael Foods for up to $2.5bn.

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