Apollo Global Management has agreed to acquire a minority stake in The GoodLife Group, valuing Canada’s largest fitness club operator at about $1.46 billion and marking the company’s first outside equity investment.
Founded in 1979, GoodLife operates more than 400 clubs across Canada under brands including GoodLife Fitness, Fit4Less, GYMVMT, and Éconofitness.
“People in Canada are focusing on their physical and mental well-being more than ever, and the GoodLife Group recognizes the important role that we play in helping them achieve their goals,” GoodLife president and CEO Jeff van Haeren said in a press release. “This investment will bolster GoodLife as the leading fitness company in the country, and we could not ask for a better partner in Apollo. Our incredible leadership team and employees across all our brands are ready for growth and excited about the next phase of our company.”
“From the very beginning, I’ve believed in fitness as a force for transforming lives — and we see that vision realized every day in GoodLife Group gyms across Canada,” said GoodLife founder and owner David “Patch” Patchell-Evans. “The GoodLife Group creates positive social change by empowering individuals and communities to lead healthier, more active lives. Given its deep experience with founder-led companies, we believe this investment from the Apollo Funds will enable us to build on nearly 50 years of success and accelerate our next chapter of growth.”
“The GoodLife Group is an iconic, market-leading fitness company with a clear purpose and a strong track record of helping people live healthier lives,” said Apollo managing director Talaal Azeem. “Patch and his longstanding leadership team have built an exceptional business over decades, and we believe Apollo’s flexible, partnership-driven capital can enable the Company to deliver on its long-term strategy and commitment to making a positive impact through fitness.”
Founder David “Patch” Patchell-Evans will remain owner and chairman, and Jeff van Haeren will continue as president and CEO, with the existing leadership team expected to lead the next phase of expansion.
Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal counsel to Apollo, with Jefferies as financial advisor. McMillan LLP is serving as legal counsel to the GoodLife Group, with Guggenheim Securities as the financial advisor.
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