PureGym selected as successful bidder in court-supervised sale process
PureGym will acquire the majority of Blink’s assets; remains committed to providing members and communities with best-in-class gym services
NEW YORK, October 31, 2024 /PRNewswire/ — Blink Fitness (“Blink” or the “Company”), an affordable fitness brand known for its commitment to an inclusive and engaging environment, today announced that PureGym has been selected as the winning bidder for a significant portion of the Company’s Assets following an auction in accordance with the procedure for the sale of the Company under court supervision. PureGym, a leading global gym operator, will acquire Blink’s corporate operations and a significant portion of Blink’s offices, with a focus on New York And New Jersey.
“We are pleased that PureGym was selected as the winning bidder in our sale process, and we are excited to move forward with new owners who believe in our business and will carry out our mission of democratizing fitness for everyone,” the company said. Guy HarklessPresident and CEO of Blink Fitness. “We are grateful for the dedication of our entire Blink Nation and their continued focus on delivering the best possible experience to our valued members. We value the relationships with our partners and the tremendous loyalty of our members as we enter this new chapter.”
“The acquisition of Blink Fitness is a game changer for PureGym in the US, a market in which we have been active since 2021,” the company said. Humphrey CobboldCEO of PureGym. “This gives our group a significant presence in the country and a strong foothold in an attractive market. New York And New Jersey region. US expansion was an important part of our growth plan, which is why we actively participated in the Chapter 11 process and entered into an APA with Blink Fitness. Over several months, we have spent a significant amount of management time and resources studying the business and management team and have developed an excellent understanding of both its prospects and the opportunities it presents.”
He continued: “The American fitness market is the largest and most dynamic in the world. We are incredibly excited about the scale of the opportunity and the ability to adapt and apply our proven model there. Through investments and upgrades, we plan to enhance the high-quality fitness experience that Blink Fitness members currently enjoy. We look forward to working with the Blink Fitness team and looking forward to working to provide more people with access to high-quality, affordable fitness.”
Agreement details
Under the terms of the agreement, PureGym, whose investors include Leonard Green & Partners and KKR will acquire Blink’s corporate operations and a significant portion of Blink’s offices, with a focus on New York And New JerseyFor $121 million in cash. PureGym also intends to make certain commitments.
Blink continues to evaluate applications submitted for locations outside New York And New Jersey.
Sale approval hearings are currently scheduled for November 6, 2024. The deal is expected to be completed later this year.
Throughout the court-supervised process and as the Company works to complete the transaction, Blink will continue to provide Members with the high-quality fitness experience they have come to expect.
Additional information
Additional information regarding the Company’s court-supervised process can be found on Blink’s restructuring website at http://www.BlinkFitnessFuture.com.
The court filings and other information related to the proceeding are available on a separate website operated by the Company’s claims agent, Epiq, at https://dm.epiq11.com/BlinkFitness or by calling 877-607-9009 (toll-free in the USA and the USA). Canada calls) or 1-971-365-4515 (for international toll calls).
Advisors
Blink Fitness presented Young Conaway Stargatt & Taylor, LLP as legal advisor, Moelis & Company as financial advisor and Portage Point Partners as restructuring advisor, with Stephen Schenker served as director of restructuring.
About Blink Fitness
Blink Fitness, an affordable, premium fitness brand known for its all-inclusive philosophy, is a gym for “everyone” who wants to feel better and improve their life through fitness. Blink provides a super-friendly and spotlessly clean experience with over 80 locations throughout the area. New York, New Jersey, California, Illinois, MassachusettsAnd Texas. Blink has been included on Inc.’s list four times. 5,000, has been recognized as one of the best fitness clubs by Club Industry, and its availability has been recognized in the “best gyms” lists by Men’s Health, Sports Illustrated, Time Out New York. , Birdie and Forbes Health.
For more information about Blink, visit us here.
Media contact:
Blink Fitness:
Rachel Rosenblatt / Temple of the Rose
FTI Consulting
[email protected]
PureGym:
Robert Morgan / Rachel Miller
Sanctuary Council
[email protected]
SOURCE Blink Fitness
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