In its fourth acquisition deal in Fitness space, Mukesh Bansal-founded wellness startup Cure.fit has acquired Oaktree-backed premium fitness chain Fitness First.
The Fitness startup had already bought 1000yoga, Cult and Tribe inspiring its customers to begin fitness journey with technological incorporation in its platform.
Global alternative investment management firm Oaktree backed Fitness First has 10 clubs across NCR and Mumbai with over 20,000 members. The combined platform will consolidate the total membership of fitness space to over 40,000 people with a presence in Bengaluru, NCR, and Mumbai. Oaktree will make additional investments in Fitness First and will remain a shareholder in Cure.fit after the transaction is complete.
Oaktree has $121 billion in assets under management with a strong investor base including pension plans, insurance companies, endowments, foundations and sovereign wealth funds.
According to the sources, acquisition deal could be valued at $30-35 million making Fitness First will become a wholly owned subsidiary of Cult.fit. Cult has over 40 fitness centres focused on functional workouts and group exercises. “With this acquisition, we get a strong presence in the NCR region and Mumbai,” Bansal said.
