Nigeria Cardinal Stone's Strategic Exit: Nigerian PE Firm Sells i-Fitness Stake for $12 Million

Image Credit: ZhuHaibin

Cardinal Stone Capital has completed a successful exit by selling its stake in i-Fitness, the country's leading fitness and gym chain, to Verod Capital Management. The deal, valued at $12 million, marks a complete exit for Cardinal Stone, which initially invested in i-Fitness in 2019.

Despite challenges such as a six-month COVID-19 shutdown and economic uncertainties, the investment proved fruitful, with i-Fitness exceeding growth projections ahead of schedule.

With 21 branches across four Nigerian cities and over 26,000 active subscribers, i-Fitness stands out in Nigeria's fitness industry, offering high-quality equipment, personal trainers, and yoga instructors.

The transaction was facilitated by Rand Merchant Bank Nigeria Limited and CardinalStone Partners Limited as financial advisors, with legal counsel provided by Udo Udoma & Belo-Osagie.

Source: TechCabal