Primal Strength (Primal), a provider of performance strength products for the commercial and home fitness markets, has secured a multi-million-pound investment from Flywheel Partners (Flywheel) to accelerate its growth plans.
Primal, whose customers include leading professional sports teams, like Celtic Football Club, and an array of celebrity clientele, will utilise the investment and partnership with Flywheel to scale up the business and capture opportunities arising from the growth of strength training and post-lockdown health and wellness trends.
Primal has benefitted from the soaring spend in home workout equipment in the past year, with this set to continue alongside the return to commercial gyms post-lockdown. Over half of UK consumers have purchased home workout products in the past year and over three quarters of people who have been working out from home plan to continue to do so post-pandemic, according to research by GlobalData1.
Headquartered in Glasgow, Primal is one of the UK’s fastest growing strength brands, offering over 2,000 products. The company has delivered impressive growth since launch, as its dual track focus on serving both the commercial and home fitness markets mean it has been able to respond to developments in strength training in the traditional gym setting as well as the surge in demand for home gym fit outs and home workout equipment. In addition to Primal’s exceptional branded product range, its partnerships with premium cardio equipment providers and in-house gym design service makes it a one-stop-shop for customers. It has seen five years of continual growth and annual revenues more than quadruple since 2018.
The investment will be used for product development and to capture domestic and global market opportunities, across the UK, Europe and the Middle East. Funds will also be utilised to increase awareness of Primal’s superior product and service offering – building on its existing marketing efforts, which include Zack George, crowned the ‘UK’s Fittest Man’ in 2020, as a brand ambassador.
Steven Rinaldi, Managing Director of Primal Strength, says: “The performance strength market, and our place within it, has continued to grow at pace as people increasingly recognise the importance of a hybrid approach to training combining both cardio and strength.
“As well as further increasing awareness of the link between physical and mental wellbeing, the Covid-19 pandemic has driven a different type of training too, as people recognise the dual benefits of convenience from working out at home combined with what a gym membership can offer. This investment will allow us to further drive our growth in response to these, and other market trends – from the significant rise in female strength training to the growth in boutique studios expanding rapidly across the UK.
“We’re excited to be partnering with Flywheel on this next phase of our growth, whose entrepreneurial culture, active approach and experience in the sector made them an ideal fit for us.”
Avital Lobel, Managing Director of Flywheel Partners, says: “In only five years since its launch, Primal has successfully captured a fragmented market with its unique multi-channel offering. Steven and his team have created an exceptional brand that is ideally placed to serve the growing strength movement and health and wellness trends, with both home and commercial fitness markets anticipated to continue their strong growth trajectories. We’re excited to be partnering with Primal as the business continues to go from strength to strength.”
Simon Singh, Director of Flywheel Partners, adds: “We’re delighted to be partnering with Steven and his team with whom we believe there to be strong cultural alignment and synergy. We look forward to building a distinctive business within the health & fitness space, which is a sector we are strong advocates of.”
Alongside the investment, Primal has appointed Andrew Shapin as a Non-Executive Director, who will work closely with the management team and Flywheel as the company accelerates its growth plans. Andrew brings over 25 years of experience in building successful digitally focused consumer brands in the UK and internationally, with expertise in performance marketing and customer relationship management (CRM). Andrew was Founder and Chairman of The Cotswold Company and was previously CEO of Long Tall Sally. He is currently Chairman of Sarah Raven, the online gardening company.
The financial terms of the transaction have not been disclosed.
