GymNation Secures $100M to Power GCC and Asia Expansion Ambition

Mohammed Fathy

Last updated 20-05-2026

4 min

GymNation secures $100 million from BlackRock-backed HPS in landmark deal.

Funding supports GCC expansion, tech upgrades and plans to exceed 100 locations.

Founded in 2018, it now serves 200,000 members across three countries.

Management calls it a “transformational moment” despite regional geopolitical tension.

Asia marked as first international target beyond the Gulf market.

GymNation, the UAE-born fitness chain that started with a single warehouse-style gym in Al Quoz, has secured a $100 million private credit facility from funds managed by HPS Investment Partners, part of BlackRock. It is being described as one of the largest private credit investments into a GCC-founded consumer brand led by its original founders.

The financing package includes $75 million in committed capital and a further $25 million accordion facility. And believe it or not, the transaction was completed amid heightened geopolitical tension in the region following the recent escalation involving Iran, a period when many investors would rather sit on their hands. That timing alone says something about how international capital is viewing scalable consumer businesses from the Gulf.

Founded in 2018 by Loren Holland, Frank Afeaki and Ant Martland, GymNation has grown into the Middle East’s largest low-cost gym operator. It now runs nearly 50 locations and serves more than 200,000 members across the UAE, Saudi Arabia and Bahrain. Not bad for a company that built its brand around affordable monthly memberships and no-frills fitness spaces.

The new capital will go towards expanding further across the GCC, strengthening its technology infrastructure, and pushing beyond the region. The company plans to more than double its footprint to over 100 locations within three years. A growing base in Saudi Arabia and a newly established regional headquarters in Riyadh are central to that ambition.

Loren Holland, founder and CEO, described the deal as a transformational moment for the business, noting that it provides the financial firepower to accelerate both regional and international growth. He also pointed to sustained investor confidence in the GCC’s long-term prospects despite short-term volatility, a view many founders across MENA quietly share.

From my own time following wellness startups in the region, I’ve seen how building physical infrastructure can be a bit of a faff compared to launching a digital platform. Rents, equipment, staffing, the costs stack up quickly. So having deep-pocketed institutional backing can be the difference between steady growth and real scale. I reckon GymNation’s bet on affordable fitness, especially in densely populated urban hubs, has been spot on.

Alongside opening new gyms, the company says it will continue investing heavily in its proprietary tech stack and AI systems. These tools are used to optimise operations, drive member retention, and improve unit economics across its network. In simple terms, algorithms help decide everything from pricing strategies to staffing levels and personalised offers. Well… I mean, that’s where modern consumer businesses are heading anyway.

International expansion is also firmly on the agenda, with Asia confirmed as its first target market outside the GCC. The specific country has not yet been disclosed. Management believes its low-cost model can travel well to markets where quality but affordable fitness infrastructure remains underdeveloped, and that’s a sizeable opportunity.

This latest transaction follows a broader institutional capital journey. In 2023, the founders completed a management buyout backed by Ruya Partners and Tricap Investments, regaining full control while supporting the company’s Saudi push. The new refinancing also marks Ruya Partners’ exit.

More than 50 senior leaders have been included in a long-term equity incentive plan, a move designed to align management closely with shareholders as the business enters its next growth chapter. Tatsu Partners acted as lead debt advisor, while DLA Piper and PwC supported on legal and financial due diligence matters.

As competition intensifies in the region’s wellness sector, GymNation is positioning itself less as a chain of gyms and more as fitness infrastructure at scale. Whether its Asian expansion proves as succesful as its GCC journey remains to be seen. But one thing is clear: global institutional investors are increasingly chuffed to bits to back homegrown MENA consumer brands with serious ambition.

For founders across the region watching closely, this is another signal that if you build something solid, and scalable, the capital will eventually follow.

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