Russian Fitness Group (RFG), which manages a large chain of fitness clubs in Russia under the ‘World Class’ brand, received an investment from the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, Abu Dhabi’s Mubadala Investment Company, and other Middle Eastern investment funds.
The amount of the deal was not disclosed.
The consortium has acquired a 22.5% stake in RFG from VTB Capital and will invest to further develop the company. Together with Russian and foreign shareholders of RFG, the consortium will support its growth in Russia, the CIS and Europe.
Led by Olga Sloutsker, Chairman of the Board and President, Russian Fitness Group operates World Class and World Class Lite fitness clubs chains. World Class brand was launched onto the Russian market in 1990. In 1993, the first fitness club was opened in Moscow under the brand name of World Class.
Today, World Class is the largest fitness corporation in Russia operating 39 own and 46 franchised clubs in 34 cities of 6 countries.