Private equity giant Apollo Global Management will acquire a minority stake in The GoodLife Group, owner and operator of 400 health clubs across Canada with roughly 1.5 million members under its banners GoodLife Fitness, Fit4Less, GYMVMT, and Éconofitness.
Reuters reported the deal values the GoodLife Group at Canadian $2 billion (U.S. $1.5 bn).
Talaal Azeem, a managing director at Apollo, said the investment will provide capital to help GoodLife advance its long-term strategy.
“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,” said Jeff van Haeren, president and CEO of GoodLife Group. “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.”
“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.”
“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 David “Patch” Patchell-Evans, founder and owner of the GoodLife Group. “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 deal is subject to regulatory approvals and closing conditions.
Image courtesy The GoodLife Group
