Tue, 11 Feb 2014 | MERGER
Two fitness centre businesses, Pure Gym and The Gym Group, are set to merge to take advantage of growing customer demand for competitively priced memberships.
The move, which is subject to regulatory approval, will create a national gym operator, Pure Gym says, with “compelling consumer price-value proposition in the UK fitness market”.
Once joined together the new business will push forward to expand its vast network of gyms.
Pure Gym is owned by CCMP Capital Advisors, LLC and The Gym Group is owned by Phoenix Equity Partners and Bridges Ventures. The merger will see Pure Gyms’ Peter Roberts become executive chairman of the newly enlarged group and John Treharne of The Gym Group will be the chief executive.
Pure Gym boss Mr Roberts says that the deal brings together a pair of “innovative players in the fast-changing gyms sector, where the low-priced model is improving consumer choice and contributing to better exercise levels across the country”.
For now, the two businesses will operate separately until industry regulators have approved the merger and completion terms are finalised.
Established in 2009, Pure Gym runs 61 24-hour gyms across Britain with one site in Northern Ireland. Funds connected to CCMP Capital Advisors, LLC purchased a majority holding in the company last May.
The Gym Group started out in 2007 and manages 42 gyms across the UK. Phoenix Equity Partners bought a majority holding in the business last year, which was founded and backed by Bridges Ventures.
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