BUCHAREST (Romania), July 15 (SeeNews) – Diversified holding African Industries Group (AIG) has completed the acquisition of fitness network World Class Romania from Polish investment fund Resource Partners, deal advisor Deloitte said on Friday.
The takeover of the network of 41 fitness centers marks AIG’s entry in the health and wellness segment, Deloitte said in a press release.
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The transaction was signed in April and was completed on July 15, after obtaining all the necessary approvals. The value of the deal was not disclosed.
The first World Class gym opened in 2000 in Romania. The network currently has 41 centers across the country and over 60,000 members.
Its former owner Resource Partners is an independent private equity investor founded in 2009 in Poland, which announced that it is exiting World Class Romania in April. “The transaction confirms Resource Partners’ ability to support Central European market leaders in the consumer space in their growth. World Class is the leading operator of health & fitness clubs and swimming pools in Romania. Originally, the majority stake in World Class was acquired by Resource Partners in 2014, who sponsored management buy-out at the time,” the fund said in April.
African Industries Group is a global diversified holding company wholly owned by Raj and Alok Gupta brothers, with investments in Europe, the Middle East and West Africa. In Romania, the company operates in agribusiness, distribution of agricultural equipment and machinery, development and real estate investments.
In January, AIG acquired the Netherlands-registered Thames Farming Enterprises (TFE) which operates four farms in southern Romania.
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