PureGym completes acquisition of Fitness World

RNS Number : 7694Z

Pure Gym Ltd

14 January 2020

 

PureGym successfully completes acquisition of Fitness World

PureGym now the second largest gym and fitness operator in Europe with 1.7 million members and over 500 sites across the UK, Denmark, Switzerland and Poland

14 January 2020, London - PureGym, the UK's largest gym operator, has successfully completed the acquisition of leading European gym and fitness operator Fitness World. The combination gives PureGym significant scale in Continental Europe and rapidly accelerates its international expansion, complementing plans for trial sites in the USA this year.

Humphrey Cobbold, Chief Executive Officer at PureGym, said, "We are delighted to announce the completion of this transaction which transforms PureGym into a significant international gym and fitness operator with a strong platform from which to expand further."

"Demand for affordable, high quality and no-contract fitness facilities in Europe is greater than ever, and we firmly believe that PureGym will play an increasingly important role in improving the health and wellbeing of members across Europe. From today, we will be working closely with the Fitness World team in order to achieve this goal", he added.  

Steen Albrechtslund, Chief Executive Officer of Fitness World, said: "I am very excited to begin working with Humphrey and his management team. Like PureGym, we are passionate about making fitness more affordable and accessible, and we believe that the combination will create an even more impactful business providing high quality and low-cost facilities to even more people across Europe."

PureGym entered into a fully underwritten €445 million senior secured bridge facility agreement to finance the acquisition.

PureGym and Fitness World are well matched partners, sharing market leadership positions in their main markets (UK and Denmark), delivering robust financial performance and a modern, technology enabled customer offer based around high quality, affordable gyms that can be accessed flexibly, usually on a 24/7 basis. The combined group will be trading from over 500 sites and in that regard will be the second largest provider in the European market.

More information relating to the transaction can be found at https://corporate.puregym.com/

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Media enquiries: Teneo - Robert Morgan/Hamish Docherty, 07718 322305 or [e-mail]  

Notes to editors

1.      PureGym is the UK's leading gym operator providing low-cost and high-quality fitness facilities for over one million members spread across 260+ sites. PureGym was launched in 2009 and pioneered the model for affordable, flexible, high-quality fitness clubs in the UK. Members pay monthly and have no contractual commitment. Most of its gyms are open 24/7 and offer a full range of top of the line equipment including cardiovascular equipment, fixed-resistance and free weights. Each gym typically offers over 220 pieces of fitness equipment and over 50 group exercise classes each week delivered by around 2,500 personal trainers. In November 2017, affiliates of Leonard Green & Partners, L.P. acquired a controlling interest in the business. In 2018 PureGym had revenues of £228m and EBITDA of £73m.

2.      Fitness World is the largest fitness provider in Denmark, with operations in both Switzerland and Poland. Founded in 2005, it has grown to become one of Europe's leading value fitness providers, with over 230 gyms and more than 600,000 members. Fitness World sites offer members affordable, flexible and high-quality fitness facilities, most of which are available 24/7. Opening its first site in Copenhagen, Fitness World has increased its market share of the European value market both organically and through the acquisition of Condizione in Poland in 2015 and then Basefit in Switzerland in 2018. In addition to its international estate of gyms, Fitness World also has its own sports nutrition brand, Functional Nutrition, and bespoke member fitness app. In 2018 Fitness World had revenues of £175m and EBITDA of £38m.

 

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