Cannons Group

28 August 2002

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Vista Capital has committed Â£15m to support the expansion of Cannons Group, operator of a chain of fitness centres across the UK and Netherlands. In mid-2001, Cannons Group was the subject of a Â£495m management buyout supported by Royal Bank Private Equity and with PPM Ventures providing Â£72m.

Company

Cannons Group comprises several business units: the principal business is Cannons Health and Fitness, which also includes the subsidiaries Cannons Health Club and Cannons Leisure Management. Cannons Health and Fitness is a health and fitness operator, which has around 165,000 members. The company opened its first centre in July 2001 and has a network of 40 health clubs in the UK and two in the Netherlands, overall employing 3,500 staff. Cannons Health and Fitness has developed an in-house training programme â€“ Cannons Train â€“ which helps to train and develop all staff in their relevant areas of expertise from lifeguard training through to management succession planning. Cannons Health Club is a private members health and fitness club brand, which is owned and operated by Cannons Health and Fitness Ltd. There are currently 16 Cannons Leisure Management facilities, of which 11 offer Courtneyâ€™s Fitness Centres. The group was founded in London in 1972 and is aiming to increase the number of health and fitness centres by adding another 75 over the next five years. In 2001 the company recorded profits of Â£20m on a turnover of Â£101.5m. Vista Capital is understood to have invested in order to boost the firmâ€™s planned move into Spain.

People

The deal was coordinated by Carlos Rodriguez de Tembleque, Mariano Olaso and Susana de Antonio on behalf of Vista Capital. Harm Tegelaars is the CEO of Cannons Group.