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Private equity backed low-cost gym groups to merge

11 Feb 2014

Private equity-backed fitness companies Gym Group and PureGym are to merge, creating a £300m business, with over 100 centres across the UK.

Gym Group is owned by Phoenix Equity Partners, which acquired it from fellow private equity firm Bridges Ventures in June 2013. Bridges retained a 25 per cent stake as part of the deal which saw them reap a 3.7x return on their investment.

PureGym is owned by mid-market private equity firm CCMP Capital Advisors, which bought the company in May last year, with previous reports saying the firm was looking to create a UK-wide low-cost fitness chain.

Pure Gym CEO Peter Roberts will become executive chairman of the new company, with Gym Group chief executive John Treharne the new CEO.

In September last year European private equity firm TDR Capital made the first investment from its €2bn-targeting third buyout fund with a deal reported to be up to £900m for health, sport and leisure group David Lloyd Leisure.

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