Patria Investimentos will purchase newly issued shares and shares from existing shareholders in a follow on investment worth US$126m. Patria acquired a majority stake in Smartfit in 2010.
(Reuters) Brazilian private equity firm Patria Investimentos will inject roughly 500 million reais ($126 million) into Smartfit Escola de Ginastica e Danca SA by purchasing new and existing shares in the gym operator.
In a securities filing on Friday, Smartfit said Patria, in which U.S. private equity firm Blackstone Group LP has a stake, had agreed to purchase new shares to be issued by the firm and to purchase stakes from existing shareholders.
It did not give a timeline for the transaction.