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Landmark Group Acquires MENA Franchise of Fitness First 100% buyout of business from Alhokiar
Landmark Group, the leading retail and hospitality Group based in Dubai with a turnover of USD 4.7 Billion, has acquired the Fitness First franchise business in the MENA region, through its investment arm, Landmark Investments. The transaction, which has been completed, includes the hundred percent buyout of the business from current franchisee Awwal Fitness Ltd, a Jebel Ali free zone company and part of the Alhokair Group of Saudi Arabia. Alhokair Group is also a major landlord of the Landmark Group in Saudi Arabia.
Fitness First Plc. is the largest privately owned health club group in the world with over 540 Fitness First clubs worldwide, reaching 1.4 million members across Europe, Australia, Asia and the Middle East.
"We are excited about this very significant expansion of Landmark Group into the health and fitness segment" said Micky Jagtiani, Chairman of Landmark Group. "Fitness First is a globally recognized brand with an enthusiastic following, that fits perfectly into our fast growing cluster of retail and hospitality brands."
The Mid-East Franchise Business presently operates 16 Fitness First outlets in Bahrain, Qatar, Jordan, Saudi Arabia and the United Arab Emirates. The Landmark Group looks forward to expanding the business and providing the 'Fitness First experience' to a much larger base of customers in the MENA region.
"We are proud with what we have achieved in such a short time - I am sure the Fitness First brand is in safe hands with the Landmark Group's expertise and we look forward to seeing even greater achievements in the future" said Fawaz Alhokair.
Colin Waggett, CEO of Fitness First said "The development of our franchise business is an increasingly important part of our strategy, and we are delighted to partner with Landmark Group to continue the growth of our business in the Middle East region."
The acquisition comes at the heels of a series of several growth initiatives, marking the continuous diversification of the Group from its traditional fashion retail business.
David Giampaolo, the non-executive Board Director who has facilitated the deal from a Fitness First perspective said; "We are delighted to have the Landmark Group as our partner to develop and expand the Fitness First presence in the Middle East region. It has acquired a market leading position, and Landmark Group is a tremendously professional and experienced partner with some very exciting growth plans."
Landmark Group opened its newly built Oasis Mall in Dubai Last year, made Middle East retail history with the opening of 25 retail outlets and three restaurants - comprised in 300,000 square feet of retail space, in a single location on a single day at Mirdif City Centre; it launched its own mid segment hotel brand Citymax and has revealed a USD 150 million expansion drive across the Middle East in the next three years.
"Landmark Group is unremitting in its promise of delivering exceptional value to all its customers. We will take that same approach with Fitness First and are dedicated to the brand promise of taking everyone's fitness personally, just as we have taken every customer experience with our established retail brands personally since Landmark Group was incepted in 1973," said Anuraag Malhotra, Strategic Investment Advisor of the Landmark Group.
Landmark Group intends to absorb all employees of the existing Fitness First outlets in the Middle East.
For more information on the Landmark Group, you can download the documents listed here or contact us at our offices.
Bhuvana Acharya,
P.O. Box 25030,
Dubai, UAE,
Tel : +9714 8094000
Fax : +9714 8094040
bhuvana.acharya@cplmg.com
