PureGym aquired Fitness World
Combined business will be second largest gym and fitness operator in Europe providing flexible, affordable fitness to 1.7m members from 500 facilities across the UK, Denmark, Switzerland and Poland; comprising total revenue of more than EURm 500 and an EBITDA of approx. EURm 150
PureGym, the UK's largest gym operator, is to acquire leading European gym and fitness operator Fitness World. This transformational deal will give PureGym significant scale in Continental Europe and rapidly accelerate its international expansion, which includes plans for trial sites in the USA. PureGym has opened over 70 sites since being acquired by funds controlled by Leonard Green & Partners (LGP) in 2017 and will be trading from 263 locations in the UK by the end of this year.
PureGym and Fitness World are well matched as partners, sharing market leadership positions in their main markets (UK and Denmark), 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 second only to Basic Fit in the European market. It will have a combined revenue of more than 500 EURm and an EBITDA of approx. 150 EURm (EBITDA margin 29%).
Humphrey Cobbold, Chief Executive Officer of PureGym, said: "This transaction brings together two well matched, successful market-leading businesses and the combination creates a powerful platform from which to accelerate growth and deliver on our purpose of getting even more people, more active, more often. The acquisition of Fitness World is a transformational deal for PureGym and will support our long-held ambition to become a leading international gym and fitness operator."
Steen Albrechtslund, CEO of Fitness World, said: "I am delighted to be partnering with PureGym, a company that has, in just 10 years, fundamentally changed fitness provision in the UK. Their decision to invest in Fitness World is testament to the business we have built, which is the overwhelming market leader in Denmark and a growing player in Switzerland and Poland. Like PureGym we are passionate about making fitness more affordable and accessible. We believe that the combined business will create an even more impactful business, enabling us to take our attractive proposition to more people across Europe."
Source: Pure Gym
Picture: Fitness World