GymNation has experienced rapid growth, expanding from a single gym start-up to becoming the leading gym operator in the UAE, with 12 gyms and over 60,000 members.
GymNation, a homegrown fitness brand based in the UAE, has announced a management-led buyout of all equity previously held by investor JD Gyms.
The deal, backed by Tricap Investments and Ruya Partners, establishes GymNation founders Loren Holland, Frank Afeaki, and Anthony Martland as significant majority shareholders in the company they established in 2017.
Tricap Investments, a diversified principal investment group with offices in Washington D.C. and Dubai, specialises in direct and fund investments as well as private equity transactions.
Ruya Partners, an independent private credit firm based in Abu Dhabi, counts institutional funds from the GCC among its investor base, including UAE sovereign-backed Abu Dhabi Catalyst Partners, a joint venture between Mubadala Capital and Alpha Wave Global, and Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
Loren Holland, Founder & CEO of GymNation, said with the management buyout and the support of Tricap Investments and Ruya Partners, the company is well-positioned to accelerate its growth across the GCC.
