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Les Mills
Health Club Management

Health Club Management

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UNITING THE WORLD OF FITNESS
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Health Club Management

Health Club Management

News

Pure Gym sold to US investment firm LGP

We’ve been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the past few years and believe that the business has tremendous potential for the future
– Kris Galashan, partner, LGP

US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.

The private equity shop, which jointly owns Topshop with Sir Philip Green, announced in a statement today (3 November) that it will acquire a controlling interest in the UK gym operator, replacing current majority shareholder and US private equity firm CCMP Capital Advisors.

CCMP bought a majority stake in the business in May 2013 but will no longer retain an interest.

While details of the deal have not been disclosed, it was confirmed that it is scheduled to be completed by the end of the November. Ahead of the announcement, Sky News reported that the deal would be worth £600m (US$783.96m, €673.19m).

Yesterday’s final round of bids followed a first round in September, with reports listing other interested parties as Goldman Sachs Private Equity, Pamplona and Providence.

The sale of Pure Gym, which has 189 clubs nationwide and 950,000 members, comes a year after the company abandoned an initial public offering (IPO).

“We’re absolutely delighted to be entering into a new partnership with Leonard Green & Partners, whose investment confirms the growth potential of our business,” said Pure Gym CEO Humphrey Cobbold.

“They have some big brands in their portfolio and an excellent track record of investing in the leisure and fitness industry.

Cobbold thanked CCMP for its support and promised further growth. “CCMP have been an incredibly supportive partner and played a vital role in Pure Gym’s development over the last four years,” he said.

“The management team and I look forward to working with LGP to continue our momentum and to keep offering affordable, flexible and high-quality gyms to our members across the UK.”

Kris Galashan, partner at LGP, said: “Over the years we’ve made numerous investments in the gym and fitness area and we’re very excited to be extending our involvement in the industry through this investment in Pure Gym.

“We’ve been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the past few years and believe that the business has tremendous potential for the future.”

The deal was advised by investment banks Jefferies International Limited and Harris Williams & Co, with legal advice from Ropes & Gray.

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US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.
HAF
THUMB22759_71255.jpg
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News

Pure Gym sold to US investment firm LGP

We’ve been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the past few years and believe that the business has tremendous potential for the future
– Kris Galashan, partner, LGP

US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.

The private equity shop, which jointly owns Topshop with Sir Philip Green, announced in a statement today (3 November) that it will acquire a controlling interest in the UK gym operator, replacing current majority shareholder and US private equity firm CCMP Capital Advisors.

CCMP bought a majority stake in the business in May 2013 but will no longer retain an interest.

While details of the deal have not been disclosed, it was confirmed that it is scheduled to be completed by the end of the November. Ahead of the announcement, Sky News reported that the deal would be worth £600m (US$783.96m, €673.19m).

Yesterday’s final round of bids followed a first round in September, with reports listing other interested parties as Goldman Sachs Private Equity, Pamplona and Providence.

The sale of Pure Gym, which has 189 clubs nationwide and 950,000 members, comes a year after the company abandoned an initial public offering (IPO).

“We’re absolutely delighted to be entering into a new partnership with Leonard Green & Partners, whose investment confirms the growth potential of our business,” said Pure Gym CEO Humphrey Cobbold.

“They have some big brands in their portfolio and an excellent track record of investing in the leisure and fitness industry.

Cobbold thanked CCMP for its support and promised further growth. “CCMP have been an incredibly supportive partner and played a vital role in Pure Gym’s development over the last four years,” he said.

“The management team and I look forward to working with LGP to continue our momentum and to keep offering affordable, flexible and high-quality gyms to our members across the UK.”

Kris Galashan, partner at LGP, said: “Over the years we’ve made numerous investments in the gym and fitness area and we’re very excited to be extending our involvement in the industry through this investment in Pure Gym.

“We’ve been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the past few years and believe that the business has tremendous potential for the future.”

The deal was advised by investment banks Jefferies International Limited and Harris Williams & Co, with legal advice from Ropes & Gray.

Sign up for FREE ezines & magazines
US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.
HAF
THUMB22759_71255.jpg

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José Teixeira

SC Fitness, Portugal: head of customer experience
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HCM people

Gita Sjahrir

Founder, R-FITNESS
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People
One of the opportunities we’re looking at is in London. The location doesn’t suit a low-cost gym, but would suit a boutique-style model. - John Oxley
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My vision, based on my own personal experience, would be for physical activity to become the norm – not something you have to make an effort to do, but something you just go ‘yeah, that’s part of my everyday life’
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Featured supplier news
Featured supplier: GLL chooses Ethitec’s Tiara9 system for its exercise-based public health referral schemes
The Tiara9 system has been selected by leisure trust, GLL, to support the nationwide rollout of its Healthwise GP referral programme.
Featured supplier news
Featured supplier: Who does your brand belong to?
Who does your brand belong to? There used to be only one answer to this question: the company that grew it and invested in it.
Company profiles
Company profile: Harlands Group
Harlands Group are the leading global provider of regular billing services in health & fitness ...
Company profiles
Company profile: Matrix Fitness
At Matrix Fitness, our goal is to make innovative commercial fitness equipment that stands out ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Locking solutions
Ojmar: Locking solutions
Lockers/interior design
Fitlockers: Lockers/interior design
Skincare
Comfort Zone - Davines S.p.A: Skincare
Management software
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Direct debit solutions
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Hydrotherapy / spa fragrances
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Fitness software
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Move GB: Member access schemes
Property & Tenders
Diary dates
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tbc, Fort Lauderdale, United States
Diary dates
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Diary dates
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