Virgin Active appoints Dean Kowarski CEO as it snaps up his nutrition firm
Virgin Active has appointed Dean Kowarski, the founder of The Real Foods Group, as its new chief executive.
Virgin Active is snapping up the nutrition assets of The Real Food Group, which was founded by Kowarski in 2013, to create a combined fitness and nutrition group. Matthew Bucknall is retiring 25 years after co-founding the business and will step aside for Kowarski to take up the top job at the head of the company.
“This is an incredibly exciting moment for Virgin Active and The Real Foods Group. Both brands have been pioneers in their respective wellness fields, building local and international reputations for excellence,” said Dean Kowarski, the fitness group’s newly appointed chief executive.
“This, alongside the additional investment in the business, positions Virgin Active strongly to deliver growth over the long term,” he continued, referencing an upcoming £88.4m capital raise from new and existing shareholders.
Virgin Active opened its first club in 1999 and has since grown into a fitness empire of 230 clubs, with close to a million members and 25,000 employees across eight countries. In 2019, Virgin Active delivered its strongest year on record with EBITDA of £142m.
However, memberships and profits were hit hard under the restrictions of the Covid-19 pandemic which forced fitness spaces to close.
Existing shareholders of parent company Brait and Virgin Group, will be investing an additional £20.2m in the business while members of the investor consortium in Real Foods will invest £18m and Titan Premier Investments Limited will invest £50m to become new shareholders in the expanded health business.
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