Private equity firm LDC has invested in a GBP20m transaction to support the future growth of The Training Room (TTR), a UK provider of vocational training and accreditation for gym instructors and personal trainers.
LDC has invested alongside founder and chief executive Jonathan Davies, who will retain a significant shareholding.
Established in 2006 and headquartered in Poole, Dorset, TTR operates fitness industry recognised training programmes from 16 training academies that are strategically located in key cities across the UK. The business has more than 100 employees and trained nearly 3,000 people over the last year.
TTR provides the very highest qualified personal trainers to the UK’s leading corporate gyms, including gym-operator branded courses for key customers including Fitness First. The business focuses on web-led sales and marketing, and almost all of TTR’s students secure a job following completion of a standard six-week course.
TTR has experienced significant growth in recent years as a result of strengthening relationships with national gym chains and its specific focus on web-led sales. The business is now well-positioned for future growth, with annual turnover of nearly GBP9m and EBITDA of circa GBP3m.
The transaction will provide the capital required to accelerate the continuing growth of the business, by introducing new training areas and disciplines into TTR’s product offering and expansion into international markets.
The deal was transacted by LDC’s Reading-based team and led by Alastair Weinel with support from Alex Snodgrass and Matt Kenny. Alastair Weinel and Andrew Sanders will represent LDC on the board with immediate effect, alongside Jonathan Davies and two new non-executive directors.
Weinel says: “With a growing demand from the UK fitness industry for highly qualified personal trainers and gym instructors, TTR is well positioned to maximise future growth. We are partnering with a high-quality and entrepreneurial CEO in Jonathan Davies, who has great knowledge of the personal training sector and has successfully built TTR from a zero base over the last seven years.
“The company provides a high-end service to some of the UK’s leading gym providers, and has a network of strategically located course centres right across the UK. Going forward, we will work closely with the team to help them execute the next phase of the business’ growth and development.”
Davies says: “LDC’s investment and support brings additional strategic input and financial backing to our business. Since I established the business in 2006, TTR has grown to become a market leader in the personal trainer training industry, with a customer-base that includes some of the UK’s leading gym-chains.
“Going forward, we intend to increase our rate of growth in training areas and expand into new ones. Our services continue to be well received by the fitness market and we are keen to capitalise on the numerous opportunities that exist for profitable growth with LDC’s support.”
LDC completed the transaction with support from a number of regionally based advisors, including RSM Tenon, CIL and Osborne Clark.
Clive Hatchard founder of Reading-based Spectrum Corporate Finance introduced TTR to LDC. Spectrum and Shoosmiths were the key advisers to Jonathan Davies and the existing shareholders.
