Foluso Ogunwale founded i-Fitness, a low-cost gym chain in Nigeria, in 2015. In 2019, Cardinal Stone Capital Advisors (CCA) purchased a 65% stake, becoming the company’s first institutional investor. At the time, i-Fitness had fewer than 3,000 members and fewer than 50 employees across his five locations in Lagos.
“Thanks to CCA, we have not only built a business that is now leading the fitness industry in West Africa, but also built friendships, always focused on achieving set goals, and working together through good times and tough times. ,” Ogunwale said. “Ten weeks into our partnership, we have been closed for six months due to COVID-19. We have lost a significant amount of money. But we still maintained a growth mindset. Having the opportunity to promote fitness and touch thousands of lives gives us a real sense of fulfillment.”
Today, i-Fitness has grown to over 26,000 active subscribers and employs over 500 people across 21 locations across four cities in Nigeria. As of February 2021, i-Fitness has spent over ₦2.0 billion ($5.2 million) on its operations in Lagos, Abuja, Port Harcourt, and Ibadan, with monthly subscriptions starting from ₦19,890 ($12.38) Varies between 24,890 ₦4,890 ($15.5). -For new members, hourly rate is ₦18,896 ($11.76).
i-Fitness, Nigeria’s leading fitness chain, closed on Wednesday as Cardinal Stone Capital Advisors (CCA) sold its 65% stake to Berodo, a private equity firm focused on African startups, for $12 million. , switched hands. “We are delighted to have signed with a reliable financial investor who is committed to continuing the progress we started with Forso. This example exemplifies the role we aim to play with the CCA Growth Fund in developing leaders of the world who have a transformative impact at scale,” said Yomi Jemibewon, Partner at CCA.
Verod invested in i-Fitness through its $200 million Capital Growth Fund III, which closed in December 2019. The fund’s investment strategy is to build a diversified portfolio across several industries, including lighting equipment, with a focus on mid-market growth companies in English-speaking West Africa. manufacturing, consumer goods and services, business services, agriculture, education, healthcare, and financial services.
“This partnership is more than just a financial investment,” Berodo said in a statement obtained by Bendada.com. “This embodies our shared vision to foster a healthier and more active West Africa. Verode and i-Fitness Center Ltd. are committed to making fitness accessible and affordable to all. By enabling people to develop, we aim to foster a culture of well-being and empower communities through job creation and skills development. ”
Led by Verod, i-Fitness aims to expand regionally with plans to renovate existing facilities and create employment opportunities, especially for women, through targeted recruitment efforts.
