Blink Fitness Sale: PureGym Acquires Key Assets in Court-Supervised Proces
Krissy Vann | Host, All Things Fitness and Wellness
PureGym has been named the winning bidder for a substantial portion of Blink Fitness assets following a court-supervised sale process. The acquisition includes Blink’s corporate operations and a significant number of its locations, with a primary focus on New York and New Jersey, representing a strategic expansion for PureGym in the U.S. market.
The transaction is valued at $121 million in cash and encompasses Blink’s corporate infrastructure and liabilities. Approval of the sale is set for a hearing on November 6, 2024. Blink is continuing to evaluate bids for its locations outside of New York and New Jersey, with the possibility of further developments in additional regions.
"We are pleased that PureGym was selected as a winning bidder in our sale process," said Guy Harkless, President and Chief Executive Officer of Blink Fitness, "and we are excited to be moving forward with new owners who believe in our business and will deliver on our mission to democratize fitness for all." Harkless also expressed appreciation for the dedication of Blink’s employees and members during the restructuring period.
Humphrey Cobbold, CEO of PureGym, noted that the acquisition is "transformational for PureGym in the U.S., a market we have been operating in since 2021." Cobbold highlighted that this move would establish a stronger foothold in the U.S. market, especially in key areas like New York and New Jersey. He also outlined PureGym's plans to invest in and upgrade Blink facilities, aiming to further enhance member experiences.
PureGym, supported by investors Leonard Green & Partners and KKR, views the acquisition as an opportunity to introduce its fitness model to a broader U.S. audience. The transaction is expected to close by the end of the year, with Blink Fitness continuing its operations throughout to ensure member continuity.
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