PureGym to pay $105 million for the majority of Blink Fitness locations
UK-based PureGym to widen its presence in the U.S.
Pinnacle Holdings, a subsidiary of PureGym Ltd.—operator of more than 600 gyms in six countries—has announced it has an agreement to acquire the majority of the assets of Blink Fitness, which filed for Chapter 11 protection on August 12.
The $105 million cash purchase price will give PureGym ownership of Blink gyms in New York and New Jersey, where most of its locations are concentrated. Blink is still exploring the sale of its locations in Texas, Illinois, and California.
The agreement is subject to court approval and gives PureGym “stalking horse bidder” status ahead of an auction scheduled to take place on October 28.
“Since it was founded in 2009, PureGym has built market leadership in the United Kingdom and Denmark and established material businesses in other global markets,” said PureGym CEO Humphrey Cobbold.”We have long admired Blink Fitness for the premium and affordable fitness experience that the team has delivered, and their commitment to helping members improve their life through fitness.”
Cobbold added that PureGym plans to invest more money into the Blink gyms for facility upgrades.
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