The private equity owner of the retailer LK Bennett has bought a low-cost gym operator in a deal that values the business at up to £90m.
Phoenix Equity Partners has acquired a majority shareholding in The Gym primarily from Bridges Ventures. Bridges has rolled over a 25 per cent stake in the low-cost outfit, which has 36 gyms and has grown rapidly to 200,000 members during the consumer downturn.
John Treharne, the chief executive of The Gym, said: "We are excited about continuing to build The Gym Group, and welcome our new partner Phoenix alongside our existing partner, Bridges. This combination will allow us to fully capitalise on the opportunities in the rapidly growing low-cost gym sector."
McQueen, the corporate finance firm, advised The Gym on the deal, while DC Advisory worked with Phoenix.