A UAE-founded fitness start-up has been sold to JD Sports Gyms, part of the FTSE 100 giant JD Sports Fashion for an undisclosed amount.
Select Investments Limited, a wholly-owned subsidiary of Select Group, announced the sale of GymNation which was founded in 2018 and has since evolved into one of the leading gym operators in the Middle East, with locations across in Dubai, Ras Al Khaimah and Abu Dhabi with more sites in the pipeline.
Since its launch, GymNation has attracted over 40,000 members across the country, a statement said.
The UAE’s fastest-growing fitness brand boasts the largest gym facilities in the country, with workout spaces ranging from 25,000 to 50,000+ sq ft in size, it added.
It offers over 200 free classes a week per gym and was the first in Dubai to operate 24×7 throughout the year.
Following the sale, Select Group said it is actively pursuing new investment opportunities in early-stage and mid-market businesses to deliver sustainable growth and value-creation.
Rahail Aslam, CEO of Select Group, said: “The investment in GymNation and subsequent exit through a sale to a strategic buyer perfectly summarises Select Group’s investment philosophy.
“We proactively invest in and ensure ongoing value creation through commercial improvements and strategic initiatives. We are proud of GymNation’s extraordinary growth over the past three years and believe this will continue under the umbrella of JD Sports Gyms Ltd.”
Alun Peacock, managing director of JD Gyms, added: “We’re incredibly excited to have acquired GymNation and partnered with the management team… 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 GCC region.”
The acquisition will see the three founders continue to lead the day to day business activities and retain a significant minority shareholding, the statement said.
Loren Holland, founder and CEO, GymNation said: “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.”
Founded in 2013, JD Gyms owns and operates 75 gyms across the UK and is part of JD Sports Fashion, which has over 3,300 stores globally across 32 territories.
Follow us on
