GymNation Secures $100 Million to Expand Across GCC & Asia

GymNation, a Dubai-based fitness chain operating across the Gulf, has secured a $100 million private credit facility from HPS Investment Partners to support expansion across the GCC and Asia.

The financing package includes $75 million in committed capital alongside an additional $25 million accordion facility that can be accessed later.

Founded in 2018 around an affordability-focused model, GymNation currently operates nearly 50 locations across the United Arab Emirates, Saudi Arabia, and Bahrain.

The company plans to exceed 100 locations within the next three years while expanding its footprint across existing Gulf markets and establishing a regional headquarters in Riyadh.

According to GymNation, part of the financing will support investment in proprietary technology infrastructure, including artificial intelligence, machine learning, and data systems aimed at improving pricing, operations, and customer retention.

The transaction comes as institutional investors continue increasing exposure to Gulf consumer businesses and as private credit becomes a more widely used financing tool for later-stage regional companies with stable cash flow and expansion plans.

The refinancing also marks an exit for Ruya Partners, which backed GymNation’s 2023 management buyout alongside Tricap Investments.

That transaction gave GymNation’s founding team full control of the company before the latest financing agreement with HPS Investment Partners.