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The UAE-founded GymNation has secured $100 million through a private credit facility from funds and accounts managed by the US-based HPS Investment Partners, a global credit investment manager acquired by BlackRock last year.
The funds, split across $75 million as committed and $25 million in accordion, will be used to expand the brand’s footprint across the GCC with a pipeline targeting more than 100 locations over the next three years, which will include setting up new regional headquarters in Riyadh.
The gym operator said it also plans to deploy capital into expanding into markets beyond the Gulf with a planned opening set for Asia, along with investing into its proprietary technology platform, artificial intelligence, and machine learning infrastructure.
The transaction also marks the exit of existing financing partner Ruya Partners, which came on board during GymNation’s management buyout in 2023, and led the expansion of the brand into Saudi Arabia.
Founded in 2018 by Holland, Frank Afeaki, and Ant Martland, GymNation currently operates close to 50 locations and across the UAE, Saudi Arabia, and Bahrain.
Tatsu Partners acted as lead debt advisors to GymNation on the transaction while DLA Piper served as legal advisors.
(Writing by Bindu Rai, editing by Seban Scaria)
