Cassia Investments puts $10m in HK fitness chain Ultimate Performance

Visual from Ultimate Performance website

Asia-focused private equity firm Cassia Investments has clocked a $10 million investment in Ultimate Performance, a Hong Kong-based personal training gym chain with international offices.

Mayer Brown JSM served as legal advisor to Cassia for the transaction.

The proceeds will be used to accelerate the fitness centre’s global expansion strategy of its personal training gyms and supplements business, based on a targeted city-by-city approach, said a joint statement on Tuesday.

Founded in 2009 by Nick Mitchell, a body composition expert and personal trainer, with operations currently in London, Hong Kong, Singapore, Manchester and Marbella, Ultimate Performance will deepen its presence in these existing markets, as well as explore forays into major cities across Asia-Pacific, the Middle East and North America.

Its services will hopefully reach Tokyo, Seoul, Sydney, Dubai, Los Angeles and New York.

In addition to personal training, Ultimate Performance is developing its own supplements line to meet the growing demand for quality nutrition intake.

“A growing awareness of the benefits of fitness, dietary improvements, rising incomes and governments’ efforts to promote healthier lifestyles in order to combat rising levels of obesity and inactivity, reinforce the strong growth prospects for the fitness industry in Asia, where gym attendance has had significantly lower penetration rates than in more developed economies. This gap is beginning to tighten,” said Thomas Pugh, principal at Cassia Investments.

This is a rapidly growing industry, according to Mitchell, who said the investment by Cassia will help Ultimate Performance seize the immense opportunities arising from the sector.

A consumer-focused investor which specializes in lower middle-market companies, Cassia has invested in Vietnamese restaurant and café chain The KAfe, personal care product brand Eco&More, Hong Kong-based casual restaurant manager Hokkaido Dairy Farm, eyewear frame producer Killine Group – which has ops in China and Vietnam, and Filipino coffee processor Rocky Mountain Café.

Also read:

Cassia Investments leads $5.5m series A in Vietnamese cafe chain KAfe Group

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Exclusive: Fitness club aggregator OYOFit raises funding from WeP Peripherals MD

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.