A UAE-founded health start-up has been bought to JD Sports Gyms, a part of the FTSE 100 large JD Sports Fashion for an undisclosed quantity.
Select Investments Limited, a wholly-owned subsidiary of Select Group, introduced the sale of GymNation which was based in 2018 and has since advanced into one of many main health club operators within the Middle East, with areas throughout in Dubai, Ras Al Khaimah and Abu Dhabi with extra websites within the pipeline.
Since its launch, GymNation has attracted over 40,000 members throughout the nation, a press release stated.
The UAE’s fastest-growing health model boasts the most important health club services within the nation, with exercise areas starting from 25,000 to 50,000+ sq ft in measurement, it added.
It provides over 200 free courses per week per health club and was the primary in Dubai to function 24×7 all year long.
Following the sale, Select Group stated it’s actively pursuing new funding alternatives in early-stage and mid-market companies to ship sustainable development and value-creation.
Rahail Aslam, CEO of Select Group, stated: “The funding in GymNation and subsequent exit by a sale to a strategic purchaser completely summarises Select Group’s funding philosophy.
“We proactively put money into and guarantee ongoing worth creation by business enhancements and strategic initiatives. We are happy with GymNation’s extraordinary development over the previous three years and consider it will proceed beneath the umbrella of JD Sports Gyms Ltd.”
Alun Peacock, managing director of JD Gyms, added: “We’re extremely excited to have acquired GymNation and partnered with the administration staff… GymNation is a really profitable enterprise with a wonderful providing, which enhances that of the JD Gyms enterprise within the UK. We look ahead to working with the administration staff to springboard the subsequent stage of development within the UAE, alongside additional thrilling alternatives throughout the broader GCC area.”
The acquisition will see the three founders proceed to guide the daily enterprise actions and retain a big minority shareholding, the assertion stated.
Loren Holland, founder and CEO, GymNation stated: “We consider the acquisition of GymNation, a UAE homegrown start-up, by one of many main worldwide health club operators who themselves are a part of a FTSE 100 PLC group, is an entrepreneurial and funding success story.”
Founded in 2013, JD Gyms owns and operates 75 gyms throughout the UK and is a part of JD Sports Fashion, which has over 3,300 shops globally throughout 32 territories.