Pure Gym snapped up for £600m

Pure Gym, a low-cost fitness chain and UK largest Gym by the membership,  whose shareholders include Chris Hoy, has been bought by Los Angeles-based Leonard Green & Partners a US Private equity firm for £600m.  The sale comes after Pure Gym dropped plans for a London Initial Public offering citing “challenging market conditions”. Pure Gym who brought in 2015 rival LA Fitness for an estimated £80m, was also quashed by  UK competition authorities when they tried to merge with larger competitor Gym Group.

Humprey Cobart CEO of Pure Gym said he and other senior management would stay on after the deal and remain investors in the business.