ENCORE Capital, the London-based investment firm focused on entrepreneurial growth businesses, yesterday completed the acquisition of the 37 Degrees health and fitness club from venture capital investor Albion Ventures.
The move comes as Encore looks to expand in the broader healthy lifestyle segment and follows on from the group’s purchase of luxury gym operator The Third Space from mid-market focused private equity firm Graphite Capital in late October.
Both deals are understood to have valued the businesses at between £10m and £20m.
37 Degrees is a premium health club located within the More London estate near Tower Bridge. It is the newest addition to Encore’s expanding health club suite, which now includes the Reebok Sports Club in Canary Wharf, Europe’s largest luxury health club, and the recently acquired The Third Space clubs in Soho and Marylebone.
Shirin Gandhi, partner at Encore, said: “The acquisition of 37 Degrees fits our strategy well. We are committed to expanding our portfolio of luxury clubs and hope to announce further developments in the months to come.”