Resource Partners exits World Class Romania (press release)
Resource Partners signed an agreement to sell its holding in World Class Romania to African Industries Group for an undisclosed sum.
On April 15th, 2022, Vectr Fitness (part of African Industries Group, a group of privately held companies), and Resource Partners, the majority shareholder of World Class Romania, announced the execution of a transaction incorporating the company under the Vectr Fitness structure. Upon completion of the transaction Resource Partners will fully exit the Company, while the management team led by Kent Orrgren, the CEO, will continue to run World Class Romania and stay as minority shareholders.
The transaction confirms Resource Partners’ ability to support Central European market leaders in the consumer space in their growth. World Class is the leading operator of health & fitness clubs and swimming pools in Romania. Originally, the majority stake in World Class was acquired by Resource Partners in 2014, who sponsored a management buy-out at the time.
Over the holding period, World Class Romania increased its network four times and currently operates 41 active health & fitness clubs and 20 swimming pools clubs. The Company has made 7 acquisitions and integrated them into its own network. World Class Romania has also successfully developed new sales initiatives such as digitalisation of the process, the introduction of a monthly payment system, and in-club sales of food and beverage.
The acquisition of World Class Romania represents another stage of African Industries Group investment in the country, following a number of prior investments in real estate, agriculture and agriculture equipment distribution.
“I am very happy that World Class Romania will be part of the AIG, who is a reputable investor in Romania. Over the last years of our holding period, with the support of the management team led by Kent Orrgren, we managed to create clear market leader in the fitness industry on the 20-million people market. We have invested alongside the team which managed to increase the scale of the Company and significantly improved the Company’s operations despite the challenge faced after Covid-19 pandemic. We hope that joining African Industries Group will allow World Class Romania to further expand its scale.” says Dan Farcasanu, Country Director Romania at Resource Partners.
“We are very optimistic about 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 health and wellness industry that we plan to develop further, working together with the existing team.” says Raj Gupta, Chairman of African Industries Group.
"We are thankful for all the support and trust that Resource Partners invested in World Class and the World Class team. It was a successful growth journey in both good times and challenging times. World Class is today the largest health & fitness clubs and swimming pools network in the country. World Class has become a symbol of a healthier and more active lifestyle. We are now joining forces with AIG in continuing to develop the network, further expand it to new strategic locations, our services of clubs offering, be a force for improving the health of Romanians and accelerating the mission: to inspire more Romanians to be more active more often and live a healthy lifestyle” says Kent Orrgren, CEO World Class Romania (in opening picture).
World Class Romania and its shareholders were advised by Stratulat Albulescu – Attorneys at Law.
Vectr Fitness was advised by Radu Taracila Padurari Retevoiescu SCA in respect of transaction advisory and Deloitte Romania in respect of Commercial, Finance, Tax advisory.
Resource Partners is an independent private equity investor founded in 2009 by a team of experienced managers, who previously conducted similar investments in leading regional and international financial institutions and funds. So far, Resource Partners has invested more than EUR 300 million in the development of 16 medium-sized companies in Poland and other Central and Eastern European countries. Resource Partners invests in fast-growing companies with experienced management, whom they support with their experience in managing fast organic growth and through acquisitions.
African Industries Group is a global diversified group of privately-owned companies, with investments in Europe, the Middle East, and West Africa. In Romania, the company operates in agribusiness, distribution of agricultural equipment and machinery, development, and real estate investments.
World Class Romania is the market leader in the Romanian wellness industry with a total number of 41 health & fitness clubs and 20 swimming pools throughout the country and almost 60.000 members. World Class clubs provide services at the highest standards, cutting-edge facilities, and diversified classes. World Class is a long-term partner for LES MILLS™ - the biggest fitness concept provider in the world. World Class Romania also provides a premium fitness and lifestyle club concept, named W, in which members can train and relax in an intimate and exclusive setup.
Contact for media:
Resource Partners Sp. z o.o., Zebra Tower, Mokotowska 1, 00-640 Warsaw, Poland, +48 22 377 7900, email@example.com.
African Industries Group, firstname.lastname@example.org, +971 4440 8237.
World Class România - Luana Muresan, Asociat Media, +40 0732702249, email@example.com.
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