Cure.fit, the wellness organisation set up by Mukesh Bansal has stepped into expansion mode, acquiring Fitness First India, a premium chain of fitness clubs. This follows Cure.fit’s acquisition of Cult, Tribe, and 1000yoga, all fitness institutions in themselves.
While the value of the deal has not been confirmed, Cure.fit will hope that the new acquisition increases its customer base, in addition to providing it a strong footing in other regions.
Fitness First is backed by Oaktree Capital Management and has 10 centres spread across Mumbai and the national capital region (NCR). It has a strength of around 20,000 members.
The deal will result in the merger of Cult.fit, the fitness arm of Cure.fit with Fitness First, with the combined entity having a strength of 40,000 members. The new entity will function under the name of Cult.fit.
The merged entity will have a total of 50 centres, with the deal estimated to be valued at around $30 million.
In addition to fitness, Cure.fit also offers healthy food options through eat.fit and yoga/wellness classes through mind.fit.
In terms of performance, Cure.fit registered losses to the tune of approximately Rs.18 crore in FY 16-17, with its net sales being just Rs.3 crore. Fitness First, on the other hand has recorded average sales of around Rs.58 crore over the last five years.