PureGym snapped up by joint owner of Topshop
US private equity fund Leonard Green & Partners has bought a controlling stake in PureGym from CCMP Capital Advisors.
Britain’s biggest gym chain has changed hands following a £600 million swoop by the joint owner of Sir Philip Green’s Topshop.
US private equity fund Leonard Green & Partners has snapped up a controlling stake in PureGym from CCMP Capital Advisors.
PureGym had been limbering up for a London Stock Market flotation, before calling time on the move in October last year as it grappled with choppy market conditions following the Brexit vote.
Humphrey Cobbold, chief executive of PureGym, said: “We are absolutely delighted to be entering into a new partnership with Leonard Green & Partners, whose investment confirms the growth potential of our business.
“They have some big brands in their portfolio and an excellent track record of investing in the leisure and fitness industry.”
PureGym, which launched in 2009 and has 950,000 members across 189 sites, had been an eyeing a raise of £190 million from its initial public offering (IPO) to underpin an expansion drive across the UK.
The move from Leonard Green & Partners adds the Leeds-based firm to its bumper portfolio of health and fitness businesses including PDC Brands and SoulCycle.
LGP partner Kris Galashan said: “Over the years we have made numerous investments in the gym and fitness arena and we are very excited to be extending our involvement in the industry through this investment in PureGym.
“We have been incredibly impressed by the business that Humphrey and the team at PureGym have built over the last few years and believe that the business has tremendous potential for the future.”