General Atlantic Invests in $1.3 Billion Gymshark Brand

General Atlantic plans to acquire a 21% stake in Gymshark Ltd. in a deal that values the U.K. fitness brand at more than 1 billion pounds ($1.3 billion).

Melis Kahya Akar, head of consumer in the Europe, Middle East and Africa region at the private equity firm, will take a seat on the Gymshark board, according to a statement Friday. In conjunction with General Atlantic’s investment, Gymshark founder Ben Francis is increasing his stake to more than 70%.

Bloomberg earlier reported on General Atlantic’s investment plan.

Gymshark manufactures fitness clothing and accessories. The company, founded in 2012 by Francis as a teenager with a group of school friends, began life as a screen printing operation in a garage, according to its website.

While the coronavirus pandemic has forced gyms to shut their doors to the public this year, demand for fitness gear has remained strong as people have sought ways to maintain exercise regimes at home.

Gymshark was advised by PricewaterhouseCoopers Corporate Finance, while General Atlantic worked with RBC Capital Markets on the deal, according to the statement.

©2020 Bloomberg L.P.

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