The agreement, in partnership with current management, will support Pure Gym’s “aggressive” expansion drive across the UK. Financial terms of the transaction were not disclosed.
AltAssets previously reported that Bain was understood to be interested in acquiring the chain, while Lloyds’ investment unit LDC had dropped out of the process after making an initial bid that fell short of expectations.
Founded in 2009, Pure Gym has 45 locations and more than 240,000 members. It plans to roll out a further 40 gyms in the next 12 months.
Thomas Walker, managing director at CCMP’s London affiliate, said,“We’re delighted to be partnering with management to accelerate the growth of Pure Gym, an outstanding business with tremendous customer appeal. Under CEO Peter Roberts’ vision and guidance, the Company has secured its leadership position by offering a unique combination of a premier gym experience at an affordable price and on flexible terms.
“Given Pure Gym’s relatively low market penetration and the widespread appeal of a high-quality low-cost fitness option, we believe there is a significant opportunity to expand Pure Gym aggressively across the UK. We look forward to bringing our successful experience in growing consumer-facing businesses to bear as Pure Gym enters its next phase of development.”
CCMP Capital Advisors investments include ARAMARK Corporation, Chaparral Energy, Edwards Group, Generac Power Systems, Infogroup, Jetro Holdings, LHP Hospital Group, Medpace, Milacron, Newark Energy and Ollie’s Bargain Outlet.
The firm is thought to be close to hitting its $3.5bn target for its third fund.
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