CDIB Capital Invests in Largest Fitness Franchise in TaiwanHong Kong, May 9, 2017
CDIB Capital is pleased to announce that it closed, together with its co-investors, a minority investment in World Fitness Services Ltd. ("World Gym Taiwan" or "WGT"), the owner and operator of the largest fitness center chain in Taiwan with 46 locations and over 250,000 members.
Established in 2001, WGT has become the industry leader in Taiwan by offering affordable, monthly dues memberships in state-of-the-art, full service health clubs averaging 45,000 square feet in size. The current 46 fitness centers are located across Taiwan, with over half in the Taipei and New Taipei market. Following the investment, WGT shall continue to be majority-owned and managed by John Caraccio (President) and Michael Sanciprian (CEO).
As health and fitness take on higher priorities for many in Taiwan, the number of people exercising regularly is increasing rapidly. While the number of full service fitness centers has tripled since 2012, overall penetration is still low at 2.5%, compared to an average of 3.9% in developed Asian markets and 16.0% in the US, Australia and Europe. With much room for expansion locally, WGT intends to double its foot print in Taiwan by 2019 while preparing for an IPO listing.
"CDIB is the perfect partner as we continue to grow rapidly and plan our IPO" said John Caraccio. "They bring depth of knowledge and experience in capital markets as well as a network expanding into China and other Asian markets, which will prove helpful as we look beyond Taiwan."
"World Gym has developed world class fitness centers with market exclusive rights to many of the most innovative international fitness products and continues to expand its franchise across Taiwan creating an impressive community for fitness enthusiasts" said Lionel de Saint-Exupéry, Chairman and CEO of CDIB Capital. "Our investment in World Gym in Taiwan nicely complements our portfolio exposure to the fast-growing wellness segment across Asia having recently invested in Tutwo, the largest outdoor sport retailer in China, and L&P Cosmetics, a leading skincare product manufacturer in South Korea, better known under the MediHeal brand."