Dubai-based GymNation fitness club group sold to UK’s JD Sports Gyms
GymNation, the United Arab Emirates’ largest fitness club group, has been sold to UK-based JD Sports Gyms, part of the FTSE 100 giant JD Sports.
Founded in 2018, GymNation has rapidly grown from an entrepreneurial start-up into the UAE's leading gym operator with seven facilities in Dubai, Abu Dhabi and Ras Al Khaimah and over 40,000 members.
The sale by Dubai-based Select Investments, a unit of Select Group, highlights an investment strategy which is “centred around identifying high-potential businesses, creating value by positioning the portfolio company for the next stage of growth and maximising returns for stakeholders.”
Commenting on the acquisition of the fast-growing fitness brand, Alun Peacock, Managing Director of JD Gyms, stated “we’re incredibly excited to have acquired GymNation and partnered with the management team.
“The acquisition will see the three founders - Loren, Frank and Ant - continue to lead the day to day business activities and retain a significant minority shareholding.
“GymNation is a very successful business with an excellent offering, which complements that of the JD Gyms business in the UK. We look forward to working with the management team to springboard the next stage of growth in the UAE, alongside further exciting opportunities across the wider (Arabian Gulf) region.”
Loren Holland, founder and Chief Executive of GymNation added “we look forward to continuing to improve the health and wellness of the population in line with the UAE’s quest to become the ‘most active city in the world’, and having a supportive partner such as JD Gyms will be an enormous benefit.
“We believe the acquisition of GymNation, a UAE homegrown start-up, by one of the leading international gym operators who themselves are part of a FTSE 100 PLC group, is an entrepreneurial and investment success story.”
JD Sports Gyms has had an interest in the Arabian Gulf and Asian markets for some time and was reported, in 2016, as having been interested in acquiring Fitness First’s Asian assets prior to their sale to the group that became Evolution Wellness.
Images courtesy of GymNation.
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