Harris Williams Advises Fitness World on its Pending Sale to PureGym
Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising Fitness World, a portfolio company of FSN Capital, on its pending sale to PureGym, a portfolio company of Leonard Green & Partners (LGP) and the UK's largest gym operator. Fitness World is a leading fitness operator in Europe. The transaction, being led by Ed Arkus, Danielius Uznys and Krishna Patel of the Harris Williams Consumer Group, extends the firm’s experience in the fitness space. Recent Harris Williams fitness transactions include advising PureGym on its sale to LGP, Taymax on its sale to Trilantic North America and Impact Fitness on an investment by Morgan Stanley Capital Partners, among other transactions.
“We are delighted to have worked alongside Fitness World’s shareholders and management team on this transaction. CEO Steen Albrechtslund and his team have firmly established Fitness World as the largest operator in Denmark, while building a pan-European presence through expansion in Poland and Switzerland,” said Ed Arkus, a managing director at Harris Williams. “Fitness World’s partnership with PureGym represents a hugely exciting phase for both businesses and we look forward to following their next chapter together.”
Fitness World is the largest fitness provider in Denmark, with operations in both Switzerland and Poland. Founded in 2005, it has grown to become one of Europe’s leading value fitness providers, with over 230 gyms and more than 600,000 members. Fitness World sites offer members affordable, flexible and high-quality fitness facilities, most of which are available 24/7. Opening its first site in Copenhagen, Fitness World has increased its market share of the European value market both organically and through the acquisition of Condizione in Poland in 2015 and then Basefit in Switzerland in 2018. In addition to its international estate of gyms, Fitness World also has its own sports nutrition brand, Functional Nutrition, and bespoke member fitness app.
Established in 1999, FSN Capital is a leading private equity advisor in the Northern European region with more than €2 billion under management. FSN Capital focuses on making control investments in companies operating in the Northern European region with enterprise values between €50 million and €300 million.
PureGym is the UK's largest gym operator, providing low-cost and high-quality fitness facilities for over one million members spread across 253 sites (with an additional 10 sites expected to open by the end of this year). PureGym was launched in 2009 and pioneered the model for affordable, flexible, high-quality fitness clubs in the UK. Members pay monthly and have no contractual commitment. Most of its gyms are open 24/7 and offer a full range of top-of-the-line equipment, including cardiovascular equipment, fixed-resistance and free weights.
Founded in 1989 and based in Los Angeles, LGP partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed more than 60 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on the Harris Williams Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: email@example.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.