Apollo Global Management has agreed to acquire a minority stake in The GoodLife Group, valuing Canada’s largest fitness club operator at about $1.46bn and marking the company’s first outside equity investment.

Founded in 1979, GoodLife operates more than 400 clubs across Canada under brands including GoodLife Fitness, Fit4Less, GYMVMT, and Éconofitness. Founder David Patchell-Evans will remain chairman and retain an ownership stake following the transaction.

Apollo is making the investment through its hybrid strategy, which deploys both debt and equity capital. The firm said the funding will support GoodLife’s long-term growth strategy and reinforce its market leadership.

“Given its deep experience with founder-led companies, we believe this investment from the Apollo Funds will enable us to build on nearly 50 years of success and accelerate our next chapter of growth,” Patchell-Evans said.

“The GoodLife Group is an iconic, market-leading fitness company with a clear purpose and a strong track record of helping people live healthier lives,” added Apollo Managing Director Talaal Azeem.

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