Pure Gym sold to US investment firm LGP
by Rob Gibson | 03 Nov 2017
Leonard Green & Partners' successful acquisition of Pure Gym follows two rounds of bidding / Pure Gym
– Kris Galashan, partner, LGP
US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym.
The private equity shop, which jointly owns Topshop with Sir Philip Green, announced in a statement today (3 November) that it will acquire a controlling interest in the UK gym operator, replacing current majority shareholder and US private equity firm CCMP Capital Advisors.
CCMP bought a majority stake in the business in May 2013 but will no longer retain an interest.
While details of the deal have not been disclosed, it was confirmed that it is scheduled to be completed by the end of the November. Ahead of the announcement, Sky News reported that the deal would be worth £600m (US$783.96m, €673.19m).
Yesterday’s final round of bids followed a first round in September, with reports listing other interested parties as Goldman Sachs Private Equity, Pamplona and Providence.
The sale of Pure Gym, which has 189 clubs nationwide and 950,000 members, comes a year after the company abandoned an initial public offering (IPO).
“We’re absolutely delighted to be entering into a new partnership with Leonard Green & Partners, whose investment confirms the growth potential of our business,” said Pure Gym CEO Humphrey Cobbold.
“They have some big brands in their portfolio and an excellent track record of investing in the leisure and fitness industry.
Cobbold thanked CCMP for its support and promised further growth. “CCMP have been an incredibly supportive partner and played a vital role in Pure Gym’s development over the last four years,” he said.
“The management team and I look forward to working with LGP to continue our momentum and to keep offering affordable, flexible and high-quality gyms to our members across the UK.”
Kris Galashan, partner at LGP, said: “Over the years we’ve made numerous investments in the gym and fitness area and we’re very excited to be extending our involvement in the industry through this investment in Pure Gym.
“We’ve been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the past few years and believe that the business has tremendous potential for the future.”
The deal was advised by investment banks Jefferies International Limited and Harris Williams & Co, with legal advice from Ropes & Gray.
Pure Gym LGP Leonard Green & Partners Humphrey Cobbold Kris Galashan Jefferies International Limited Harris Williams & Co Ropes & Gray buyout01 Nov 2017
Final round of bids due for Pure Gym
26 Sep 2017
Bidders line up with offers for Pure Gym
30 Mar 2017
Abandoned IPO cost Pure Gym £6.8m
30 Mar 2017
Surging membership numbers boost Pure Gym figures
US buyout firm Leonard Green & Partners has won a two-month bidding contest for Pure Gym. The private equity shop, which jointly owns Topshop with Sir Philip Green, announced in a statement today (3 November) that it will acquire a controlling interest in the UK gym operator, replacing current majority shareholder and US private equity firm CCMP Capital Advisors. CCMP bought a majority stake in the business in May 2013
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