Pure Gym to be acquired by California buyout firm

Pure Gym, the Leeds-headquartered gym chain, is set to be acquired by a California-based buyout firm.

It has been announced that Leonard Green & Partners (LGP) will purchase Pure Gym in a deal that is expected to be completed at the end of November.

LGP will takeover the UK’s largest gym operator from previous owners, CCMP Capital Advisors, which bought a majority stake in Pure Gym in may 2013.

Launched in 2009 in Leeds, Pure Gym currently boasts over 950,000 members across 189 sites in the UK.

Humphrey Cobbold, chief executive of Pure Gym, said: “We are absolutely delighted to be entering into a new partnership with Leonard Green & Partners, whose investment confirms the growth potential of our business.

“They have some big brands in their portfolio and an excellent track record of investing in the leisure and fitness industry. CCMP have been an incredibly supportive partner and played a vital role in Pure Gym’s development over the last 4 years and we thank them for their support.

“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, added: “Over the years we have made numerous investments in the gym and fitness arena and we are very excited to be extending our involvement in the industry through this investment in Pure Gym.

“We have been incredibly impressed by the business that Humphrey and the team at Pure Gym have built over the last few years and believe that the business has tremendous potential for the future.”

Tom Walker, managing director of CCMP (UK), also commented: “CCMP’s partnership with Pure Gym has taken it from a company in its infancy to the UK’s leading and largest gym group.”

Pure Gym was advised jointly by investment banks Jefferies International Limited and Harris Williams & Co, and received legal advice from Ropes & Gray.