Gymshark, a Birmingham, UK-based fitness community and apparel brand, entered into a strategic partnership with global growth equity firm General Atlantic in its first-ever fundraise, valuing the business at over £1 billion.
Additional terms of the deal were not disclosed.
The company intends to use the funds to continue to expand internatinally, specifically into North America.
Founded in 2012 by Ben Francis, who, in conjunction with General Atlantic’s investment, is increasing his stake in the company to over 70%, Gymshark is dedicated to creating functional training apparel, designing innovative performance technologies.
The company is led by Steve Hewittm who joined as CEO, and Paul Richardson, Executive Chairman. Latest revenues amounted to over £250m.
The investment will see General Atlantic take a 21 % stake in the business, and Melis Kahya Akar, Head of Consumer for EMEA at General Atlantic, will take a seat on the board.
The transaction is subject to customary regulatory approvals.