Piper injects £6m into Frame

Following the deal, the company will invest in new locations, both in London and nationwide. It is currently preparing to open two new sites in the Hammersmith and Soho areas of London.

The transaction is the second investment made by Piper's sixth fund, which recently closed on it £125m target, according to a statement. Piper Private Equity VI's maiden investment was the acquisition of a £10m minority stake in UK steakhouse chain Flat Iron in March 2017.

The UK gym sector has proved attractive to private equity investors in recent years. CCMP Capital Advisers-backed affordable gym chain Pure Gym is reportedly seeking buyers after having abandoned IPO plans last year, while BGF invested £13m as part of a £39m deal for Gymbox in October 2016. Other recent activity in the space includes the £250m listing of Phoenix Equity Partners-backed The Gym Group in November 2015; NorthEdge Capital's £11.5m investment in the management buyout of Total Fitness in April 2015; and Encore Capital's acquisition of The Third Space from Graphite Capital in October 2014.

Company
Founded in 2009, Frame offers classes typically provided by gyms – such as pilates, yoga and barre – in addition to dance, meditation and pre- and post-natal classes. It currently operates from four locations in London, each of which feature between three and five studios.

Frame has a headcount of 26, and works alongside a further 149 trainers. According to a statement, it is anticipating a turnover of around £5m in 2017.

People
Piper Private Equity – Libby Gibson (partner).
Frame – Pip Black, Joan Murphy (founders).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Piper Private Equity