Resource Partners sells Romanian fitness club chain to African Industries Group
Poland-based independent private equity company Resource Partners announced that it sold its majority participation in World Class Romania, a leading operator of fitness clubs in Romania, to Vectr Fitness - part of Nigeria-based African Industries Group (AIG).
"We are very optimistic about the Romanian market growth and actively engage in evaluating investment opportunities in different areas and industries in the country. World Class Romania is our first investment in the health and wellness industry that we plan to develop further, working together with the existing team," says Raj Gupta, Chairman of African Industries Group.
The holding controlled by Raj and Alok Gupta is thus diversifying on the Romanian market, after it took over and operates several farms.
Upon completion of the transaction, Resource Partners will fully exit World Class Romania, while the management team led by Kent Orrgren, the CEO, will continue to run it and stay as minority shareholders.
World Class is a leading operator of health & fitness clubs and swimming pools in Romania. In 2014, World Class was sold by the Swedish company World Class Seagull International to the private equity fund Resource Partners.
The acquisition of World Class Romania represents another stage of African Industries Group's investment in the country, following a number of prior investments in real estate, agriculture and agriculture equipment distribution.