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(Sharecast News) - Oakley Capital Investments announced on Thursday that Oakley Capital Origin Fund has acquired a majority stake in German-language online fitness and nutrition platform 7NXT from founder and chief executive officer Markan Karajica, and Crosslantic Capital.
The London-listed firm said Karajica would continue in his role, and would retain a significant minority stake in the business.
It said 7NXT comprises three businesses - female-focused online fitness subscription platform Gymondo, direct-to-consumer fitness nutrition and supplements brand Shape Republic, and complementary merchandising and licensing division Brand Solutions.
Gymondo accounted for the majority of the group's revenues, offering subscription-based access to workout videos, customised fitness programmes and personalised nutrition plans.
Since launching in 2013, Gymondo had seen more than two million accounts registered.
Through its investment, Oakley said it would partner with Karajica and the management team to scale 7NXT in the "rapidly growing" online fitness and health market, and accelerate both its domestic and international growth.
Oakley said it would support the management team through its network, operational experience and expertise in the consumer technology sector, established through its track record of successful investments in platforms such as Parship Elite, Facile.it and Wishcard Technologies Group.
The company said it originated the deal through its relationship with the founder Markan Karajica.
It said the Origin Fund, to which Oakley made an initial commitment in July, had invested €42.6m to acquire 7NXT.
"7NXT is a leader in the high-growth digital fitness and nutrition market, with an excellent leadership team, driven to fulfil their mission of empowering people to live healthy and positive lifestyles," said managing partner Peter Dubens.
"As a founder-led, tech-enabled business, 7NXT demonstrates many of the traits that Oakley targets in an investment and we believe that it is well placed to build on its position as the German market leader.
"We are looking forward to partnering with Markan and the team at this exciting stage."
At 1134 BST, shares in Oakley Capital Investments were up 0.7% at 253p.
19 Apr 2024 13:09
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