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Intaj II invests in Fitness One Vega   Join our daily free Newsletter

MENAFN Press - 30/12/2013

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(MENAFN Press) Intaj Capital II ("Intaj") is pleased to announce its investment in the health and fitness sector through its equity participation in Fitness House Company ("Fitness One"). Intaj II is a private equity investment vehicle managed by Swicorp, a leading investment banking, private equity and asset management firm focused on the MENA region and Turkey. Fitness One is a leading health and fitness club management company. The Company owns and operates fitness centers in Jordan, including six traditional women-dedicated fitness centers and a flagship "Vega" center launched in 2012 as a 10,000 sqm family-oriented facility with a wide fitness offering including dedicated men, women, and kid's fitness areas, a PADI-accredited diving center, and a wall climbing facility. In 2013, the Company launched The Source MMA Vega, the leading Mixed Martial Arts ("MMA") center in Jordan with capacity for 500 students. Over the next 3 years, the Company plans to focus on the development of Fitness One Vega into a regional fitness platform with presence in the Middle East and Africa under three distinctive concepts: family-oriented destination centers, women-dedicated community centers and MMA centers.

Kazem Abu Ghazaleh, Fitness One's founder and CEO said, "We are delighted to welcome Swicorp onboard as a partner in our business, as we believe this partnership will strengthen our organization and position Fitness One Vega to be a leader in the domestic and regional market. We remain committed to the Fitness One Vega vision of providing excellent customer service and best-in-class fitness experience to our customers."

Andre Wagner, Investment Director at Swicorp who led the transaction added, "We are excited to be joining the Fitness One Vega team today and believe that the Company, with its distinctive fitness offering, provides a compelling platform to capitalize on the growth opportunities in the industry today. We will support Management in developing abroad in selective regional markets where we believe there is strong demand for the Company's unique fitness concepts"

Nabil Triki, Managing Director and co-Head of Private Equity at Swicorp stated, "the investment strategy of Intaj II is to diversify its portfolio with promising growth companies operating in defensive sectors in key markets in the MENA region and Turkey. Fitness One is the third investment by Swicorp through Intaj II since 2012, underlining our support for local entrepreneurs with regional growth ambitions in sectors with strong long-term fundamentals."

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