Target Information

i-Fitness, founded in 2015 by Foluso Ogunwale, is West Africa's largest and fastest-growing fitness chain that has significantly contributed to the fitness culture in Nigeria. With 21 locations and over 40,000 active subscribers, i-Fitness offers a diverse range of fitness programs supported by a team of over 250 certified personal trainers. Their holistic approach includes flexible, cost-effective membership plans and state-of-the-art gym facilities designed to promote health and wellness.

As a leader in the fitness industry, i-Fitness aims to provide a superior, all-inclusive wellness experience, enabling members to access a multitude of classes and facilities seamlessly. The company is not only focused on fitness but is also committed to making fitness an integral part of the urban lifestyle in Nigeria.

Industry Overview in Nigeria

Nigeria's fitness industry has witnessed substantial growth as the population becomes increasingly health-conscious. With the urban population booming, the demand for fitness services has surged, encouraging the establishment of numerous gyms and wellness centers across the country. This shift is driven by a wider cultural recognition of the importance of health and wellness, facilitated by rising disposable incomes and the growing influence of global wellness trends.

Moreover, the Nigerian government has begun to emphasize health and fitness as essential components of a thriving society. Recent initiatives have focused on combating lifestyle-related ailments while promoting physical activity among the populace. The enhancement of fitness infrastructure and services has become a vital economic opportunity for investors looking to engage with thriving health and wellness sectors.

As the industry continues to evolve, competition among fitness chains has intensified, leading to innovative service offerings, including online fitness programs and personalized training options. With the increasing preference for fitness as a lifestyle choice, firms like i-Fitness are strategically positioned to lead this growth trend in West Africa.

The encouraging landscape of health and wellness has also led to an influx of both local and international investment, reflecting investors' confidence in the sector's sustainability and growth potential. The focus on holistic fitness solutions is expected to continue, creating numerous opportunities for businesses that prioritize quality service and consumer engagement.

Rationale Behind the Deal

Verod's investment in i-Fitness is aimed at accelerating the company's growth trajectory while diversifying its service offerings across West Africa. This capital infusion will facilitate the opening of new branches, enhance existing facilities, and introduce innovative fitness services tailored to the evolving preferences of the members.

The partnership aligns with Verod's strategic vision of supporting businesses that offer social impact and economic growth in the region. By leveraging i-Fitness' capable management and resilient business model, Verod intends to contribute positively to the health and wellness industry in Africa.

Information About the Investor

Verod is a prominent African investment management firm specializing in private equity and focused on high-growth businesses in Anglophone West Africa. The firm prides itself on its venture capital arm, Verod-Kepple Africa Ventures, which invests in tech-enabled startups across the continent. Since its establishment, Verod has successfully raised over $400 million, investing in more than 35 companies.

With a commitment to fostering transformative change in the region, Verod aims to create lucrative investment opportunities across various sectors, including health and wellness, where the demand is rapidly increasing. Their expertise in identifying high-potential investments positions them as a key player in the West African market.

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Investing in i-Fitness presents a compelling opportunity for Verod given the rising consumer focus on health and wellness, particularly in rapidly urbanizing regions such as West Africa. The growing subscription base and robust membership engagement indicate that i-Fitness is well-positioned for further expansion, making this investment likely to yield favorable returns.

Additionally, the strategic plans to introduce new facilities and enhance existing services present significant growth potential. The investment is expected to fulfill emerging consumer demands while contributing positively to the overall health of the communities i-Fitness serves.

Furthermore, the significant job creation projected through this partnership emphasizes i-Fitness' role in fostering economic development in the region. The emphasis on training and capacity building aligns with Verod's mission to deliver investments with meaningful social impact, reinforcing confidence in the long-term benefits of this deal.

Given these dynamics, Verod's collaboration with i-Fitness is more than just a financial investment; it signifies a commitment to nurturing the health and wellness landscape in West Africa. This partnership could solidify their market leadership in a competitive industry, making it a potentially lucrative endeavor for all parties involved.

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