Pure Gym enlists Rothschild as it starts to work towards an IPO which could be worth more than £500m
Pure Gym, the UK’s largest gym operator, is looking to go public in a float worth in excess of £500m.
City PM understands Pure Gym, which is controlled by American private equity fund CCMP Capital Advisors, has appointed Rothschild to advise on its options.
The group, which was founded in 2009, is estimated to be worth twice as much as its rival The Gym group, which floated in November and has a market capitalisation of £264m.
Last year, Pure Gym bought rival LA Fitness in a deal estimated to be worth around £70m, and appointed the former chief executive of online cycle retailer Wiggle, Humphrey Cobbold, as CEO. Olympic gold-medallist Chris Hoy has also invested in the brand.
The group’s membership grew to 650,000 at the end of last year, with 137 sites.