Fitness World Group acquired by Puregym

DENMARK Hospitality & Leisure / Hospitality EV £300–700M

Context

PureGym has signed a definitive agreement to acquire 100% of Fitness World Group. The deal is financed through a committed bridging instrument, supported by a £35 million upsize to PureGym’s Revolving Credit Facility (RCF), with plans to replace the bridge with EUR senior secured debt in early 2020. Strategically, the merger is transformational, creating a pan-European operator of massive scale with nearly 500 gyms and 1.7 million members across four countries (UK, Denmark, Poland, and Switzerland). The rationale centers on territory diversification, procurement synergies, and the exchange of best practices in digital engagement and low-cost operations. Pro forma, the combined entity will generate revenue exceeding £400 million and a run-rate Adjusted EBITDA approaching £150 million. This acquisition positions PureGym as a consolidated European champion, capable of leveraging its combined scale to dominate the high-growth low-cost fitness segment across a total population base of 120 million people.

Fitness World Group, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Fitness World Group is a leading European value-gym operator and the undisputed market leader in Denmark. Headquartered in Denmark, the company operates a diversified portfolio of 240 fitness centers serving approximately 600,000 members across three key markets: Denmark, Switzerland, and Poland. The group’s business model is centered on a high-volume, low-cost approach, supplemented by a strong digital ecosystem and an in-house sports nutrition brand. In Denmark, the company maintains a dominant 45% market share with 185 sites. Its international footprint includes a significant presence in Switzerland (40 sites), established through the acquisition of Basefit.ch, and a growing organic and M&A-led operation in Poland (15 sites). Revenue is primarily driven by membership subscriptions (83%), with additional high-margin ancillary streams from personal training services and retail sales of fitness goods. Fitness World’s value proposition focuses on providing high-quality fitness infrastructure at accessible price points, supported by a robust mobile app that enhances member engagement. As a regional champion, the group leverages its scale to optimize procurement and operational efficiencies, positioning itself as a core platform for consolidation within the fragmented European fitness landscape.

Ent. Value

£300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2019

2018

Other operations with Puregym

Other operations with Puregym
Date	Acquirer	Target	Country	Sector
10/2024	PUREGYM	BLINK FITNESS	UNITED STATES	Leisure Facilities
12/2021	KKR	PUREGYM	UNITED STATES	Hospitality
11/2017	LEONARD GREEN & PARTNERS	PUREGYM	UNITED STATES	Hospitality

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
Date	Acquirer	Target	Country	Sector
07/2020	TOWERBROOK	AZZURRI GROUP	UNITED KINGDOM	Restaurants / Chains
02/2020	TUI CRUISES	HAPAG-LLOYD CRUISES	GERMANY	Hotels & Accommodation
01/2020	YUM! BRANDS	THE HABIT RESTAURANTS	UNITED STATES	Restaurants / Chains
10/2019	MUBADALA	LOOPING GROUP	FRANCE	Leisure Facilities
10/2019	CAPDESIA GROUP	WASABI SUSHI BENTO	UNITED KINGDOM	Restaurants / Chains
10/2019	BASIC-FIT	GYMSTREET	FRANCE	Leisure Facilities
09/2019	VAIL RESORTS	PEAK RESORTS	UNITED STATES	Parks & Ski Resorts
09/2019	NAXICAP PARTNERS	SIBLU VILLAGES	FRANCE	Hotels & Accommodation
08/2019	TA ASSOCIATES	GONG CHA GROUP	TAIWAN	Restaurants / Chains
06/2019	KIRKBI INVEST / BLACKSTONE / CPPIB (CANADA PENSION PLAN INVESTMENT BOARD)	MERLIN ENTERTAINMENTS	UNITED KINGDOM	Parks & Ski Resorts

REFERENCES

Valuation range: EV £300–700M

Revenue range: £100–200M

EBITDA range: £25–50M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Fitness World Group by Puregym are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Puregym’s acquisition of 100% of Fitness World Group, a Danish company specialised in Hospitality, in 2020.

How was the acquisition of Fitness World Group by Puregym valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Fitness World Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Fitness World Group generated annual revenue estimated in the £100–200M range and EBITDA in the £25–50M bracket (FY 2019). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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