We increased our commitment to World Class Romania
We completed the buyout of the minority shareholders of World Class Romania, our portfolio company. This transaction strengthened our partnership with the management team of World Class Romania and will help achievetheir goal ofbuilding the undisputed leader of the Romanian fitness market.
World Class, which opened the first club in Bucharest in 2000, is the leading fitness chain in Romania. Since then, the Company organically expanded its network to 11 clubs in three Romanian cities. The company regularly cooperates with well-known international fitness trainers and program creators to provide its members with the latest, most effective fitness programs. World Class Romania plans to continue the expansion of its network to offer its members a greater choice of fitness locations and the best training experience.
Dan Fărcăşanu, Investment Director of Resource Partners, said: “We decided to increase our stake in World Class Romania because we are impressed by its growth prospects and the quality of the management team. We look forward to supporting the company as it grows organically and through M&A transactionson the fast-growing Romanian fitness market.”
In accordance with an earlier agreement, we bought additional shares from the minority shareholders and increased our stake in Golpasz S.A. from 67 per cent to 85 per cent. We have been an investor in Golpasz S.A. since December 2015.
Kent Orrgren, CEO at World Class, performed at the European Health and Fitness Forum in Cologne. The 5th annual event brought together top experts from different sectors of the industry and over 400 delegates from 34 countries to discuss human capital in the European fitness sector.