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Mishcon de Reya Private Equity advise Triyoga on merger with United Fitness Brands

Posted on 17 January 2022

Mishcon de Reya Private Equity has advised Triyoga on its merger with United Fitness Brands (UFB).

Founded by entrepreneur Jonathan Sattin in 2000, Triyoga operates five studios across London and has long been renowned as the "go-to" boutique fitness chain for yoga and Pilates. The business has also built up an online platform that includes its own branded app. Mishcon de Reya has been working with Triyoga and Jonathan since 2016 when he sought external funding to help grow and develop the brand.

UFB launched in 2021, when the founders of indoor cycling studio operator BoomCycle teamed up with the owners of 'fight club meets nightclub' boxing studio, Kobox. UFB's mission is to become Europe's largest boutique studio chain. UFB is an industry-defining fitness "supergroup", delivering premium fitness spaces and classes through its brands across the UK and Ireland, with the procurement of Triyoga extending their portfolio to more than 25 sites across the UK.

Triyoga is the fourth brand to join UFB's collection of boutique fitness operators alongside BoomCycle, KOBOX and Barrecore. The operator will now come under the UFB umbrella, which is backed by Pembroke VCT, Nectar Capital and Dominvs Group and chaired by industry veteran, David Lloyd.

The team at Mishcon de Reya included Bridgette Gorman, Joana Santos, Sarah Hein, Sakhee Ganatra, Brittany Dodds, Imane Karoum, Stephen Diosi, Gary Richards and Nadim Meer.

Nadim Meer commented, "Mishcon have been active in the fitness space for many years and have long expected there to be consolidation in the boutique fitness sector. The coming together of Triyoga with UFB's existing range of "best-in-class" fitness brands creates a formidable range of operators under one umbrella. As we come out of COVID and fitness and wellness continues to increase in importance, UFB is in a fantastic position to prosper."

Jonathan Sattin, Founder of Triyoga added, "It was a pleasure working with Nadim and Bridgette of the Mishcon de Reya Private Equity team. Nadim had been advising us for the last 6 years so his understanding and interest in the business and some of its nuances meant that he and Bridgette and their team were able to advise and negotiate with more clarity in a number of areas. They also had great attention to detail which is crucial and the ability to advise practically (and not in jargon) on what were key areas and consequences. And finally, the drive and desire to bring the deal to its conclusion rather than letting it drift along."

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