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Entries in Tipness (1)

Thursday
Oct302014

Japan Chain Tipness Appears to be For Sale

Reuters has reported that Japan’s Suntory Holdings, Ltd., based in Osaka, Japan, hopes to sell Tipness, Ltd., a health club chain, for approximately $292 million. The sale would help offset the cost of Suntory’s $13.6-billion acquisition, earlier this year, of Beam, Inc., the U.S. liquor company.

Among the companies that have expressed an interest in acquiring Tipness are mobile phone carrier NTT DoCoMo, Inc., and the media group Nippon Television Holdings, Inc.

The first round of bids was scheduled to be submitted in early August.

As of the first of this year, Tipness operated 61 fitness facilities in the Tokyo area, which served more than 240,000 members.

The chain, initially, was a fully owned subsidiary of Suntory; however, the trading house Marubeni Corp. acquired a minority stake following the merger of Revan, its club chain, with Tipness in 2001.