Levant Capital takes a majority stake in Warehouse Gym – plans 20 more sites
by Kath Hudson | 18 Sep 2024
Kevin Texeira is celebrating investment from Levant Capital / Warehouse Gym
Warehouse Gym has received a majority investment from Levant Capital
The investment will drive expansion in the UAE and Middle East
With 10 clubs currently, there are ambitions for 30 within four years
The offering is being broadened with wellness and other amenities added
Private equity firm, Levant Capital, has taken a majority stake in UAE-based premium operator, Warehouse Gym.
The investment will be used to drive regional expansion, as well as to introduce advanced fitness solutions and broaden the wellness offering.
Founded by Kevin Texeira, Fahad Al Rafi and Edris Al Rafi, the first Warehouse Gym launched in 2013 in an industrial area of Dubai, hence the name. The USP is street art, design and music. All the gyms are based around strength training with two or three immersive studios, PT areas, recovery rooms, restaurants and juice bars.
The company has grown to a chain of 10 clubs, with plans to expand the network to 30 sites over the next four years. It currently has 50,000 members.
The next launch will be a 55,000-square-foot facility at Dubai Science Park, before the end of the year. Alongside the gym, group exercise studios and recovery suite, this club will feature a co-working space, private meeting zones, creative suites, a podcast studio, a restaurant and nutrition services. A further five sites are in the pipeline for 2025.
CEO, Teixeira, says this is a pivotal moment in the brand's story: “Levant Capital’s extensive experience and resources will undoubtedly help us scale to new heights and continue delivering exceptional fitness experiences to our growing community. Everything we've accomplished makes me proud and excited for the future. I'm confident our partnership with Levant Capital will enrich our members' fitness experience, support our growth, and offer exciting opportunities to our employees."
Warehouse Gym has high female membership rates and appeals to younger demographics, with under-16 access. Its mental health programmes and holistic wellness offerings, including recovery, mobility and nutrition, are central to the offering. It is also a collaborative partner for global fitness brand, Puma.
“The UAE recognises the importance of physical, mental and social wellbeing and has rightly prioritised health and fitness through nationwide fitness challenges and by promoting sports calendars that stimulate the desire to participate in quality sports,” says Al Rafi. “We've always strived to play a key role in elevating the health and fitness experience for our fast-growing base of members in the UAE and have exciting innovation and expansion plans over the next few years. Our partnership with Levant Capital will serve to accelerate and achieve those plans.”
The Middle East and North Africa fitness market has been expanding at an annual rate of 30 per cent since 2020, with the UAE market valued at US$550 million and the Kingdom of Saudi Arabia market valued at US$1.7 billion. However, it’s highly fragmented, with mainly independent players. With penetration standing at 7 per cent and 8 per cent respectively, there's plenty of growth potential, particularly at the premium end of the market.
Kevin Texeira Fahad Al Rafi Edris Al Rafi Warehouse Gym Levant Capital12 Aug 2024
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Private equity firm, Levant Capital, has taken a majority stake in UAE-based premium operator, Warehouse Gym. The investment will be used to drive regional expansion, as well as to introduce advanced fitness solutions and broaden the wellness offering. Founded by Kevin Texeira, Fahad Al Rafi and Edris Al Rafi, the first Warehouse Gym launched in 2013 in an industrial area of Dubai, hence the name. The USP is street art,
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