HONG KONG and SINGAPORE, Oct. 3, 2016 /PRNewswire/ -- Cassia Investments ("Cassia"), a consumer-focused private equity firm which specializes in investing in lower middle-market companies across Greater China and Southeast Asia, today announced an investment of US$10 million in Ultimate Performance, a leading international personal training gym chain. Mayer Brown JSM served as legal advisor to Cassia for the transaction. The funds will be used to accelerate Ultimate Performance's global expansion strategy of its personal training gyms and supplements business, based on a targeted city-by-city approach.
Founded in 2009 by Nick Mitchell, an internationally renowned body composition expert and personal trainer, Ultimate Performance has steadily built a highly-regarded brand name for itself and is one of the few international players in the personal training industry. Targeting consumers who value their health and wellbeing, it differentiates itself through its bespoke approach for each client, world-class personal trainers and facilities, and results-based training methodology, all of which combine to help consumers achieve their specific goals. With operations currently in London, Hong Kong, Singapore, Manchester and Marbella, Ultimate Performance aims to deepen its penetration in existing markets while extending its footprint to major cities across Asia-Pacific, the Middle East and North America - including Tokyo, Seoul, Sydney, Dubai, Los Angeles and New York - to broaden its presence and become a truly global player. In addition to personal training, Ultimate Performance is developing its own supplements line to meet the growing demand for quality nutrition intake.
Thomas Pugh, Principal at Cassia Investments, said, "We are delighted to partner with Nick Mitchell, an industry icon in personal training who has played a vital role in bringing professionalism and sophistication to the health and wellness industry. We are attracted to Ultimate Performance because of its unique positioning, experienced management, successful track record in multiple cities and its potential for international expansion to meet the growing demand in health and fitness services in main cities across the globe. In particular, a growing awareness of the benefits of fitness, dietary improvements, rising incomes and governments' efforts to promote healthier lifestyles in order to combat rising levels of obesity and inactivity reinforce the strong growth prospects for the fitness industry in Asia, where gym attendance has had significantly lower penetration rates than in more developed economies -- this gap is beginning to tighten. The UP model is an educational process both inside and outside of the gym which we believe creates a unique engagement with its clients.
The investment adds to our track record of successful investments in SMEs with proven business models, established market positions and significant growth potential. Cassia will create value by working closely with management to optimize its strategic direction and operating performance, while accelerating its expansion into new markets, particularly in Asia."
Nick Mitchell, founder of Ultimate Performance, said, "We are thrilled to introduce Ultimate Performance to global institutional investors, and are proud of our strong track record and prospects. Ultimate Performance was founded to create and implement the most effective consultative health and fitness model in the personal training industry. The investment will help Ultimate Performance to seize the immense opportunities arising from the rapidly growing industry, and introduce our services to more consumers worldwide."
About Cassia Investments
Cassia Investments is a consumer focused private equity firm specializing in lower middle-market companies across Asia-Pacific. Cassia's strategy is to invest in companies with strong growth prospects, proven business models and defendable market positioning. In addition, the team at Cassia believes that identifying and partnering with strong and talented management teams who share the same values, vision and strategy is the core component of value creation. With extensive investing and operational experience in emerging markets (particularly Asia), Cassia's team has developed a deep network of relationships within local markets and established a strong reputation as value-adding investors. Further information about Cassia Investments can be found at www.cassiainvestments.com.
About Ultimate Performance
Founded in 2009, Ultimate Performance is a highly acclaimed network of personal training gyms. Clients enjoy a tailored service from world-class personal trainers and facilities to help them achieve their specific goals. The Company's reputation is built on the results it produces – attested by the numerous testimonials and remarkable before-and-after comparisons achieved. With operations across Europe and Asia already, Ultimate Performance is expanding its international presence to become a global leader in the health and wellness industry. For more information, please visit www.upfitness.com.hk and www.upfitness.com.sg.
For further enquiries, please contact Hill+Knowlton Strategies:
| Angela Kung |
Charlotte Li |
| Tel: (852) 2894 6214 |
Tel: (852) 2894 6229 |
| Email: angela.kung@hkstrategies.com |
