Middle East fitness chain GymNation has secured a $100 million private credit facility from funds managed by HPS Investment Partners, part of BlackRock, in a major funding boost aimed at accelerating its expansion across the GCC and supporting its planned entry into Asia.
The financing package includes a committed $75 million facility alongside a $25 million accordion option, making it one of the largest private credit investments into a GCC-born, founder-led consumer brand in recent years.
Founded in 2018 by Loren Holland, Frank Afeaki, and Ant Martland, GymNation started with a single gym in Al Quoz, Dubai, and has since grown into one of the Middle East’s largest low-cost fitness operators. The company now operates close to 50 locations across the UAE, Saudi Arabia, and Bahrain, serving more than 200,000 members.
Loren Holland, CEO and Co-Founder of GymNation, described the funding as a “transformational milestone” for the company’s growth ambitions. “Securing $100 million of growth capital is a transformational milestone for GymNation and provides the platform for us to expand our footprint across the GCC and beyond,” Holland said in the official release.
He further added that investor confidence remained strong despite ongoing geopolitical uncertainty in the region, emphasizing the long-term potential of the GCC fitness sector.
“The GCC represents one of the most exciting and highest growth fitness markets in the world right now,” Holland noted, while also confirming that GymNation is preparing to announce its “first expansion outside of the GCC, into Asia.”
The latest funding follows GymNation’s 2023 management buyout, when the founding team regained control of the business with backing from Ruya Partners and Tricap Investments after buying out equity previously held by JD Sports Gyms.
GymNation has rapidly expanded its regional footprint over the past two years, including aggressive growth in Saudi Arabia and Bahrain. The brand reportedly sold out 12,000 memberships within 72 hours during its Saudi launch phase, underlining strong demand for accessible fitness offerings in the Kingdom.
The company has also been strengthening its ecosystem through strategic partnerships and new training formats. Earlier this year, GymNation entered into a multi-year partnership with HYROX to launch dedicated HYROX Performance and Training Centers across the Middle East, a move aimed at capitalizing on the booming functional fitness and endurance racing segment.
Fran.news had earlier reported on the HYROX collaboration as part of GymNation’s broader experiential fitness expansion strategy.
