New growth capital for Urban Gym Group
Announcement | April 20, 2022 | 5 minutesFitness chain Urban Gym Group (UGG) has raised 16 million in capital. This month the new share issue was completed. Additionally, the growth capital comes from Rabobank and the Dutch Mezzanine Fund (DMF); these parties have already invested in previous rounds.Marjolijn Meijer, CEO: “Every euro we have attained after the previous financing has been invested into growth and customer experience. We acquired several gyms in and outside Amsterdam, invested in personnel, equipment and renovations. Since 2019 we have opened ten extra clubs in Amsterdam. We are now also directing our focus on expansion. On the one hand, through takeovers of gyms or locations with sports destinations. On the other hand, we continue to look for suitable properties in the major cities.”TrainMore is located in the majority of the Urban Gym Group clubs. At TrainMore, members receive a one euro discount on their membership per workout. Meijer: “From our perspective, taking good care of yourself should be rewarded. Certainly in a world where the right choice is often the more expensive option, such as sustainable and fresh food or driving an electric car. We are proud that our members train more than average. TrainMore is growing faster than ever. We continue to invest in new clubs and acquisitions, but also in the upgrade of existing gyms.”Members of the management team, among others, have joined as shareholders. Meijer: “Jordy and I think it's important that our staff is part of the journey. I don't rule out expanding this group in the next rounds." The financing round is largely independently organized. Meijer: “Jordy has successfully raised capital for several companies with his Iron Asset Management. We have therefore consciously chosen to organize it independently this time.”Jordy Kool, chairman of the recently established Advisory Board, adds: “In 2021 we prepared our organization for the next growth phase, including the appointment of three new directors and the establishment of the Advisory Board. We will continue this professionalization. In this way we further strengthen the management and are preparing for a one-tier board. In addition, we invest heavily in training and education for our sports, club and office staff. However, 2022 will bring even more changes. Marjolijn and I are preparing for a change in our roles.”