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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Cardinal Stone offloads its stake in i-Fitness for $12 million
    i-Fitness

    Cardinal Stone offloads its stake in i-Fitness for $12 million

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    By Tapiwa Matthew Mutisi on February 21, 2024 Africa, Business, Deals, Health, News, Nigeria, Private Equity, Startups

    Nigeria-based private equity firm, Cardinal Stone Capital, has sold its majority stake in i-Fitness, the country’s leading fitness and gym chain, to another private equity firm, Verod Capital Management. The deal saw Cardinal Stone exit fully from i-Fitness by selling its 65% stake for $12 million.

    The transaction valued i-Fitness at $18.5 million, according to two informed sources who spoke to TechCabal.

    The move comes amid the ongoing talk about exit strategies in African start-ups. In 2023, the number of exits in Africa’s private capital market plummeted by 73%, because of wider economic issues such as inflation and currency devaluation across the continent.

    Yomi Jemibewon, the Managing Director of Cardinal Stone, spoke positively of the company’s association with i-Fitness, despite difficulties including a six-month shutdown due to Covid-19.

    Cardinal Stone, which became the first institutional investor in i-Fitness in 2019, generally invests between $5 million and $10 million in businesses across diverse sectors in Ghana and Nigeria. By 2021, i-Fitness claimed to have spent $5.2 million on operations upon opening its 10th branch in Lagos.

    As of 2021, the gym chain had 8,000 members and projected to have 100,000 by the end of 2024. i-Fitness currently boasts of 26,000 active members and must quadruple this figure within the year to attain its target. The chain has 21 branches in four major Nigerian cities, including 18 in Lagos.

    The gym company differentiates itself from competitors by providing modern equipment, personal trainers and yoga instructors, accessible to members via a mobile app. It adjusts its subscription fees by location. In the major cities of Lagos, Port Harcourt, and Abuja, users are charged a monthly subscription of about $15.5, but this drops to $12.38 in Ibadan, Nigeria’s second largest city.

    Behind i-Fitness’s rapid expansion and appeal is a growing team of fitness experts who play a pivotal role in delivering personalized, results-driven experiences. From certified personal trainers to yoga instructors and group class specialists, these professionals are not just instructors—they’re motivators, mentors, and health allies for thousands of members. Their expertise ensures that each member, whether new or experienced, gets tailored guidance that promotes safe and sustainable progress, making the gym more than just a space—it’s a community.

    As the demand for fitness services grows, so does the responsibility that comes with the job. That’s why insurance for fitness professionals is becoming increasingly essential. It protects trainers and instructors from potential liabilities, giving them peace of mind while they focus on helping clients achieve their goals. For a brand like i-Fitness, supporting its staff with such safeguards not only ensures professional stability but also reinforces its commitment to safety, professionalism, and long-term success in Nigeria’s evolving health and wellness industry.

    The transaction was overseen by joint financial advisors Rand Merchant Bank Nigeria Limited (RMB) and CardinalStone Partners Limited (CSP). Legal advice was provided by Udo Udoma & Belo-Osagie (UUBO) to Cardinal Stone.

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    Africa Business Cardinal Stone Capital deals Fitness Gym Healthcare i-Fitness Investments nigeria Private Equity Startups Technology Verod Capital Management
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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