Fitness brand Cure.Fit which is owned by Mukesh Bansal and Ankit Nagori has acquired Fitness First in India. With this deal, Cure.Fit has also merged its subsidiary, Cult Fitness, with the Fitness First business in India. The joint entity will now operate under the Cure.Fit platform.
As part of the transaction, Fitness First will become a wholly owned subsidiary of Cult.Fit and Fitness First’s majority stakeholder, Oaktree, will get a minority shareholding in Cult.Fit. Oaktree will also invest additional capital in Cult.Fit in the near term. The transaction is expected to be completed in the next few weeks.
“This partnership will put Cult on track to become the largest fitness service provider in the country by end of this year,” said Cure.fit co-founder Ankit Nagori.
Oaktree senior vice-president Federico Alvarez-Demalde believes that Cult has a future-ready business, solid management, quality sponsors, and the ability to bring better fitness and health services to a large number of Indians.
Induslaw Delhi and Bengaluru was the legal advisor to the transaction. Maple Capital Advisors was the sole financial advisor to Oaktree (funds managed by Oaktree Capital Management, L.P.) on this transaction.
