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General Atlantic is working out a stake in Gymshark: Bloomberg
Posted on Friday, 14 August 2020 11:26
General Atlantic is close to investing in popular UK-based fitness clothing brand Gymshark in a deal that could be worth around USD 300.00 million, according to Bloomberg. Citing people familiar with the matter, the news provider reported the private equity group is in advanced discussions to acquire a stake in the business and have been negotiating a valuation of more than GBP 1.00 billion. While exact terms are still being ironed out, an agreement could be announced within the next few days, the insiders noted, asking to remain anonymous as the information is still private. Bloomberg observed that General Atlantic outbid other buyout firms that were also competing for the investment in Gymshark, founded less than ten years ago by a group of friends in a garage. Last month, Sky News reported that Permira, Inflexion Private Equity, TSG Partners and Catterton Management Company were interested in buying roughly 20.0 per cent of the brand at a GBP 200.00 million valuation. Gymshark provides fitness clothing and accessories, with a large social media following and was established by teenager Ben Francis and a group of school friends in 2012. Despite the coronavirus pandemic causing gyms to clothes, demand for fitness products has remained strong as people found ways to exercise at home. Cut and sew apparel manufacturers have been targeted in 215 deals announced worldwide since the start of 2019, according to Zephyr, the M&A database published by Bureau van Dijk. In the largest of these, Permira completed the acquisition of a majority stake in Golden Goose from Carlyle Group in a transaction worth USD 1.47 billion. Other companies featured in the top deals included Centric Brands, Under Armour, Hanesbrands and Adidas. © Zephus Ltd