Singapore's GIC buys S$37 million stake in Brazilian gym chain Smartfit

Singapore's GIC buys S$37 million stake in Brazilian gym chain Smartfit

smartfit brazil
A Smartfit branch in Brazil. (Photo: Facebook/Smartfit)

SAO PAULO: Singapore's sovereign wealth fund GIC is investing 100 million reais (S$36.9 million) in Brazilian gym chain Smartfit Escola de Ginastica e Danca SA, Smartfit said in a securities filing.

Smartfit did not disclose in the filing the size of the stake GIC's GIC Special Investments had acquired in the company.

With stores in Brazil, Mexico, Chile, Peru and the Dominican Republic, Smartfit has among its shareholders the Brazilian family Corona and investment firm Pátria Investimentos, which has a partnership with US buyout firm Blackstone Group.

Smartfit, Pátria and GIC did not immediately comment on the matter.

Source: Reuters/cy

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