Dubai: Select Investments, a unit of Select Group, has announced the sale of GymNation to British sports-fashion retailer JD Sports.
The homegrown UAE start-up was founded in 2018 and has several locations in Dubai, Ras al Khaimah and Abu Dhabi with more sites in the pipeline. The sale highlights Select’s investment strategy which is “centred around identifying high-potential businesses, creating value by positioning the portfolio company for the next stage of growth and maximizing returns for stakeholders,” it said in a statement.
Select Group also said it is actively pursuing new investment opportunities in early-stage and mid-market businesses.
“The investment in GymNation and subsequent exit through a sale to a strategic buyer perfectly summarizes Select Group’s investment philosophy,” said Rahail Aslam, CEO of Select Group. “We proactively invest in and ensure ongoing value creation through commercial improvements and strategic initiatives.”
Alun Peacock, Managing Director of JD Gyms, said: “We’re incredibly excited to have acquired GymNation and partnered with the management team. The acquisition will see the three founders – Loren, Frank and Ant - continue to lead the day to day business activities and retain a significant minority shareholding.”
“We look forward to working with the management team to springboard the next stage of growth in the UAE, alongside further exciting opportunities across the wider GCC region,” said Peacock.