UAE – Abu Dhabi-based Ruya Partners has completed a SAR 94 million ($25 million) private credit investment into GymNation to support its expansion plans in Saudi Arabia.
Ruya’s private credit investment supported GymNation’s management-led buyout of all equity previously owned by JD Gyms, an FTS100 publicly listed conglomerate.
A private equity investment from Tricap Investments, a diversified principal investment group with offices in Washington D.C., and Dubai, also participated in the transaction.
GymNation widened its business from a single gym in 2017 to become the leading gym operator in the UAE, with 12 gyms and more than 60,000 members.
The plans to expand into Saudi Arabia, where it is already set to open six locations within the first half (H1) of 2024.
The growth strategy includes relocating senior management and opening its primary office in Riyadh.
Rashid Siddiqi, Founding Partner of Ruya Partners, commented: “After establishing itself as the clear leader in UAE, we are excited to support the company in its next growth phase as it brings the same level of excellence into KSA’s fitness market.”
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