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Hedgehog Concept Ltd
Hedgehog Concept Ltd
Hedgehog Concept Ltd
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.

If you would like to get each issue of HCM magazine sent direct to you for FREE, plus the weekly HCM ezine, sign up now!
US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.
HAF
THUMB22759_71255.jpg

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Featured supplier news
Featured supplier: Fisikal chosen as tech partner for ‘JP4’; new health app from fitness expert, Jessie Pavelka
Fitness expert and television host, Jessie Pavelka has collaborated with Fisikal, experts in digital management solutions, to create the new JP4 app, a premium 12-week personal health and fitness transformation programme that takes the user on a journey of change through four key elements of health.
Video Gallery
Technogym mywellness app
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Improve your training experience. All your data in a single app. Read more
More videos:
Company profiles
Company profile: Life Fitness
Through our Life Fitness Solutions Partners, we can deliver design and build services, finance solutions, ...
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Company profile: Octane Fitness
A global innovator of high-performance fitness equipment, Octane Fitness, a Nautilus, Inc. brand, continually redefines ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Exercise equipment
Star Trac / Core Health & Fitness: Exercise equipment
Lockers/interior design
Crown Sports Lockers: Lockers/interior design
Trade associations
International SPA Association - iSPA: Trade associations
Hydrotherapy / spa fragrances
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Servicesport UK Limited: Independent service & maintenance
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Total Vibration Solutions / TVS Sports Surfaces: Flooring
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Hedgehog Concept Ltd
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