13 09 2018

The largest and first sports club to be listed in the Gulf region

Investcorp has announced the completion of the listing of Jam Sports Company (the "Sports Jam" or "the Company") in the Saudi Stock Exchange (Tadawul) and start trading on September 10. According to an official statement, this is the second subsidiary of Investcorp's portfolio in Saudi Arabia to be listed successfully in Tadawul. It is also the first network of sports clubs to be listed in the region and the first to be listed on the Saudi Stock Exchange in 2018.

The statement pointed out that «Gym Sports» is the owner and operator of the largest network of sports clubs in Saudi Arabia and the Middle East and North Africa. The company was ranked 17th in the list of the top 25 international companies by the World Health Clubs Association (IHRSA) for 2017 in terms of number of fully owned fitness centers. As of December 31, 2017, the company owns and operates more than 112 clubs under the "Fitness Time" brand, of which 108 clubs are located in 23 cities in the Kingdom and 4 clubs are located in the UAE. LaGame opened its first women's sportswear club in the Kingdom in July 2017. The company seeks to invest more in this area to support its growth in the future as well as invest in expanding its presence in the men's sports market as its main market.

Investcorp's Gulf Opportunity Fund has acquired a 25.1% stake in Lajam Sports Company in 2013 alongside other associate companies. Since then, Investcorp has worked closely with the company's management team to implement initiatives to enhance the value of investment, including the expansion of the sports clubs network, the launch of new services, the strengthening of the management team and the institutionalization of the company. The total revenue of Sports Jam has grown at a CAGR of 11% between 2015-2017. Following the IPO, Investcorp Gulf Opportunities Fund and other Investcorp affiliates will indirectly hold a 2.6% stake in the company.

"We are proud to have successfully listed another company in our investment portfolio, reflecting our ability to help the companies we invest in to achieve growth and growth," said Hazem Bin Kassem, Investcorp's co-CEO. This is our second subsidiary to be successfully listed in Tadawul. Investcorp's Gulf Opportunities Fund and other associates also partially own two of the last three companies listed on the largest GCC stock exchange. To contribute to the promotion of health and fitness in society, as one of the objectives of the Kingdom Vision 2030, is a key pillar of our operations in Saudi Arabia and we are committed to playing an active role in achieving the objectives of the National Transition Program. "

Waleed Majdalani, Head of Private Equity in the Middle East and North Africa at Investcorp, said: "We have worked closely with the management team of Lajam Sport to enhance its growth and solidify its leadership position in the market. The company has contributed to spreading awareness in the Kingdom about the benefits of sport by opening sports clubs in easily accessible locations, offering packages and packages to suit different income groups, and recently opening new women's sports clubs. Our successful partnership based on trust and interest in sports has resulted in the construction of the largest network of sports clubs in the Middle East and North Africa region, with promising growth prospects in the Kingdom and across the region. We are proud to have been involved in a gamma-growth journey over the past years. "

"Investcorp has contributed to the transformation of LeGam Sport from a family-owned business into a large stand-alone institution and has enhanced its management team's ability to successfully move on the road to growth," said Fahd Al-Hakbani, Chief Executive Officer, Lajam Sport. We are delighted with the great development we have seen throughout our history, starting with one sport club in 2005 under the brand "Fitness Time", until today we have become the leading brand in the field of fitness in the Kingdom. Our vision is to be the best and most advanced among the sports clubs networks in the Middle East and North Africa, and to be within easy reach. Investcorp helped us start the first step in our long-term growth journey. "


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