Nigeria: Verod invests in fitness chain
This investment from the Verod Capital Growth Fund III, marks the sixth addition to the fund’s portfolio.
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Private equity firm Verod has invested in i-Fitness, West Africa’s fastest-growing fitness chain. This investment from the Verod Capital Growth Fund III, marks the sixth addition to the fund’s portfolio.
Founded in 2015 by Foluso Ogunwale, i-Fitness has 21 branches in Nigeria.
The new capital injection will enable i- Fitness to diversify its service offerings and expand across West Africa. Central to this strategy is the opening of new branches, revamping its present facilities and providing best-in-class fitness services that are member-focused.
Daniel Adeoye, partner at Verod, commented, “Verod is highly enthusiastic about its collaboration with i-Fitness, which will contribute further to the growth and expansion of its value-for-money gym chain in West Africa. Recognising i-Fitness' capable management team, resilient business model and attractive value proposition, Verod is also drawn to the growing consumer emphasis on health and wellness, and the rising population in urbanised Africa. This investment aligns with Verod's commitment to supporting long-term trends with positive social impact and regional economic growth.”
Speaking on the investment, Foluso Ogunwale founder and CEO of i-Fitness said, “We are very pleased to have Verod partner with us. i-Fitness is committed to making fitness common, more convenient, and more importantly making it an integral part of the urban lifestyle. We have another great opportunity to touch many more lives by promoting the culture of health and fitness. Our partnership with Verod will help us in achieving this objective. We expect the synergy between both firms to strengthen our position in leading the fitness industry in West Africa and more importantly, equip us with all needed resources to deliver world-class services to our members.”
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