The planned merger will reinforce the superior customer proposition offered by both companies extending the number of gyms available nationally to new and existing members.
Peter Roberts, Chief Executive of Pure Gym, said:
"This agreed deal unites two innovative players in the fast-changing gyms sector where the low-priced model is improving customer choice and contributing to better exercise levels across the country. We expect our complementary brands and locations to encourage even more people to join gyms.”
John Treharne, Chief Executive of The Gym Group, added:
“Customers want total flexibility and value-for-money options when it comes to keeping fit. This enlarged business, combining great facilities and excellent trainers, will provide a compelling alternative to existing gym providers.”
As part of the merger agreement, Peter Roberts will become Executive Chairman of the new Group, whilst John Treharne will be Chief Executive.
The new company will be a combination of the current Pure Gym, owned by CCMP Capital Advisors LLC, and The Gym Group, owned by Phoenix Equity Partners and Bridges Ventures. Financial terms have not been disclosed.
Michael McDonagh, Director at Liberty commented:
“We are delighted to have advised Peter and his team on this exciting business combination and wish the combined business and team every success in delivering even more opportunities for consumers in the UK to benefit from the low cost model in the fitness sector.”