US investment firm swoops for Pure Gym

Leeds-headquartered Pure Gym is to be acquired by a California-based investment firm.

Leonard Green and Partners (LGP), which co-owns Topshop with Sir Philip Green, and has other brands in its portfolio such as J Crew and denim retailer LuckyBrand, has agreed the takeover of Pure Gym.

Founded in 2008, Pure Gym operates has more than 950,000 members spread across 189 sites and has turnover of £160m.

CCMP bought a majority stake in the business in May 2013 and will no longer retain an interest in the business on completion.

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.”

An initial public offering of the group was abandoned in October 2016.