The Equinox-owned Blink Fitness is still evaluating bids for its gym locations outside of New York and New Jersey
PureGym, a global gym operator hailing from the U.K., has been given the green light to acquire Blink’s corporate operations and a substantial portion of the Equinox-owned gym brand’s locations in New York and New Jersey in a $121 million cash deal.
A hearing to approve Blink’s sale is scheduled for November 6. The deal is expected to close later this year.
“We are pleased that PureGym was selected as a winning bidder in our sale process, 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,” Blink Fitness president and CEO Guy Harkless said. “We are grateful for the dedication of our entire Blink Nation and their continued focus on delivering the best experience possible for our valued members. We appreciate the relationships with our partners and the tremendous loyalty of our members as we enter this new chapter.”
Blink Fitness is continuing to evaluate bids submitted for gym locations outside of the New York and New Jersey areas. The fitness operator has a presence in California, Illinois, Massachusetts, and Texas.
PureGym CEO Humphrey Cobbold noted that the Blink Fitness acquisition is transformational for the U.K.-headquartered gym giant and shared that the group is planning investment and upgrades to enhance the Blink Fitness member experience.
“It gives our group a meaningful presence in the country and a strong foothold in the attractive New York and New Jersey area,” Cobbold said. “U.S. expansion has been an important part of our growth plan, which is why we actively participated in the Chapter 11 process and entered into an APA with Blink Fitness. We have, over several months, spent a considerable amount of management time and resources getting to know the business, and the management team and have developed an excellent understanding of both its prospects and the opportunity it represents.”
PureGym has already made its mark in the U.S. and Canada under the Pure Fitness brand. The group teamed with RCS Real Estate Advisors to advance its presence beyond its three locations in the Washington, D.C., metropolitan area.
