Pure Gym Ltd (“Pure Gym”) and Leonard Green & Partners, L.P. (“LGP”) today announced that they have entered into a binding agreement under which affiliates of LGP, a leading US buyout firm, will acquire a controlling interest in Pure Gym, the UK’s largest gym operator.
LGP will replace current majority shareholder, funds affiliated with CCMP Capital Advisors, LP (“CCMP”), who bought a majority stake in the business in May 2013 and will no longer retain an interest in the business on completion. The transaction is timetabled to complete at the end of November. Terms of the transaction were not disclosed. Pure Gym is the UK’s leading gym operator providing low-cost and high-quality fitness facilities for more than 950,000 members spread across 189 sites. Pure Gym was launched in 2009 and pioneered the model for affordable, flexible, high-quality fitness clubs in the UK.
Tom Burton and Ross Wheeler of Jamieson advised Humphrey Cobbold (CEO), Adam Bellamy (CFO) and their management team on their reinvestment alongside LGP and the structure of a new management equity incentive plan.