May 14, 2018 / 1:59 PM / 4 months ago

Singapore's GIC buys stake in Brazilian gym chain Smartfit

SAO PAULO (Reuters) - Singapore’s sovereign wealth fund GIC is investing 100 million reais ($27.9 million) in Brazilian gym chain Smartfit Escola de Ginastica e Dança SA (SMFT3.SA), Smartfit said in a securities filing.

FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. Picture taken July 6, 2017. REUTERS/Darren Whiteside

Smartfit did not disclose in the filing the size of the stake GIC’s GIC Special Investments Pte Ltd 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 Ltda, which has a partnership with U.S. buyout firm Blackstone Group LP (BX.N).

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

Reporting by Alberto Alerigi; Writing by Carolina Mandl; Editing by Susan Thomas

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