GBP 50m to The Gym
June 26, 2013
Proventus Capital Partners has provided a GBP 50m senior secured - unitranche - loan to support Phoenix Equity Partners’ acquisition of the UK-based low cost gym chain The Gym.
The Gym is a market leading, low-cost gym operator in the UK. Established in 2006, the company has led the innovation of the UK low cost gym market and offers a compelling consumer proposition with no contract, 24/7 access and monthly membership fees of GBP 10.99-19.99 depending on location.
Since inception, the company has been supported by private equity firm Bridges Ventures who will remain a minority shareholders after Phoenix Equity Partners’ acquisition. The Gym will continue to be led by its founder John Treharne.
Proventus Capital Partners believes that the low cost gym market represents a compelling investment opportunity given its fundamental underlying growth, strong value proposition and stable business model. Following The Gym’s market leading position in London and UK as well as management’s strong track record, Proventus Capital Partners backed the acquisition by Phoenix Equity Partners and will continue to work with the company and its owners to support its growth ambitions.