NonStop Gym acquired by Puregym

PureGym agreed on 15 October 2026 to acquire the entire share capital of NonStop Gym for £100–350M in cash, an EV/EBITDA multiple of 5x–12x on run-rate adjusted EBITDA, with completion set for 2 November. Established in 2014, NonStop Gym runs 47 low-cost clubs across Switzerland, open around the clock. Its sites carry weight training and cardio equipment and nothing else: no saunas, no pools, no studios, which is what allows memberships to start at 49 francs a month against the several hundred charged by conventional Swiss clubs. It serves more than 101,000 members at an average of 45 pounds a month, and generated revenue of £53m and an EBITDA of £25–50M over the twelve months to June 2026. The two networks divide the country between them. NonStop Gym built its position in French and Italian-speaking Switzerland, PureGym its 49 clubs in the German-speaking cantons, and together they pass 100 sites and 198,000 members, covering the whole country for the first time. Members of a budget chain choose on proximity above all, so a national network converts into bookings in a way neither operator achieved separately. Integration should be limited. The two run the same model with the same economics, and PureGym expected no significant capital expenditure after the purchase, intending to retain the Swiss team and rebrand the sites under its own name. The transaction followed PureGym’s acquisition of Blink Fitness in the United States in 2024, within a strategy of building leading positions in selected international markets. It took senior secured net leverage to 4.5 times pro forma run-rate adjusted EBITDA, at the upper end of the group’s stated range.

By taking control of NonStop Gym, Puregym continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Blink Fitness in 2024.