Clearwater International has completed its maiden deal since its merger, advising boutique gym chain Gymbox on its €12.6m investment of growth capital from BGF.
Gymbox currently has five clubs in London and will use BGF’s capital to continue its site roll-out across the capital, with three additional sites already secured. The company now has the funding in place to open several further gyms in London and in other UK cities.
Recently voted by Cool Brands Expert Council as a leading UK brand, Gymbox welcomes fitness-savvy Londoners by combining vibrant interior design with its unique take on exercise.
Founded in 2001, Gymbox opened its first gym in Holborn in September 2003 and today has clubs in Farringdon, Covent Garden, Bank and Westfield. The company is expected to turnover €12.6m, with an EBITDA of €4.4m in the year ending October 2014, and currently has 13,400 members.
Gymbox represents BGF’s second investment in the UK fitness market having backed low-cost gym group Xercise4Less in August 2013, which now has 23 gyms nationwide.
Clearwater International partner Marcus Archer advised Gymbox founder Richard Hilton on the transaction.