International investor, 3i Group plc, has agreed to invest in European budget gym operator, Basic Fit, alongside co-founder and CEO, Rene Moos, who will remain a shareholder.

3i is investing €110m (£93m, $148m) in the Dutch chain, which runs 200 discount gyms in the Netherlands, Belgium, Spain and France.

Offering high quality equipment, virtual group classes and sometimes 24 hour opening, the chain has had double digit growth from 2009 to 2012, and is still growing.

The new investment will allow further domestic and international expansion. 3i has introduced Ronald van der Vis as chair of the board, who has extensive retail and international experience with brands such as Esprit. Three directors of 3i are also joining the Basic Fit board.

Moos is delighted with the investment: “3i has demonstrated a deep understanding of the retail discount market and I am looking forward to working with them to further accelerate our growth in coming years.”