Exacta leads acquisition of Anytime Fitness Asia

Exacta headed a consortium known as Inspire Brands Asia, which incudes Anytime Fitness’ franchisees in Singapore, the Philippines, and Malaysia, as well as Australia and Singapore-based fund manager Aura Group.

The buyers have acquired the master franchisee licenses for Anytime Fitness operations in Singapore, the Philippines, Malaysia, Indonesia, Thailand, Vietnam, Hong Kong, and Macau. With more than 250 gyms, this portfolio represents about 30% of the Asian footprint for the Anytime Fitness brand. The US-headquartered company has more than 3,000 locations in 20 countries globally, including India, Japan, and Korea. 

Anytime Fitness Asia, which is based in the Philippines, claims to have grown franchise sales and gym openings by 49% and 55% a year on average, respectively, for the past four years. It has also emphasized operational resilience during the coronavirus outbreak, with Johannes Raadsma, the company’s chief growth officer, noting that following a recent reopening, usage in Hong Kong has been as strong as it was pre-COVID-19.

“Completing the deal in this black swan backdrop involved assessing the brand's capacity to withstand enforced closures, and a long-term outlook on the industry,” Charles Wong, an executive director at Aura, said in a release. “Anytime Fitness Asia is proven and capitalizes on its smaller footprint in accessible community locations and lower cost of entry and maintenance, which ensures that gyms will reopen safely and grow post-COVID-19.”

Anytime Fitness Asia will continue to be headed by CEO Rey Bolivar. Group COO Luke Guanlao, who previously served as a director for the Malaysia and Philippines businesses, has been named CEO of Inspire Brands Asia. "I have been with Anytime Fitness for over 10 years, and we are positioned strongly to take advantage of opportunities that will open up as our gyms reopen and we navigate a new normal after this pandemic," Guanlao added.

Exacta, which is 40% owned by Mizuho, makes growth equity investments in Southeast Asia, targeting companies with enterprise valuations in a range of $25-125 million. It was set up to manage the Exacta Asia Investment II fund, which closed at $238 million in 2018 with an anchor contribution of $89 million from Mizuho. This represented a continuation of the Japanese bank's strategy with the $200 million Mizuho ASEAN PE Fund, which launched in 2013. Both vehicles are mandated to explore synergies with corporate Japan.

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• Topics
• Southeast Asia
• Consumer
• Buyouts
• Philippines