Snap Fitness on Thursday will announce expansions in India and the United Kingdom with partners that expect to develop several hundred fitness centers in each country.
Snap Fitness lands deals to expand in U.K., India
The Minnesota franchiser expects about 500 new outlets.
November 6, 2014 at 2:57AM
Chanhassen-based Snap is signing a master development agreement with TwentyTwoYards Ltd., a London firm, to find franchisees who will develop Snap-branded clubs throughout the U.K.
Snap has opened three corporate-owned clubs and lined up franchisees for eight others in the U.K. TwentyTwoYards will gradually take oversight of those clubs and aim to build about 300 or so across the country.
"In the U.K., we have an ever-increasing awareness and desire to prioritize personal health and fitness," Matt Quinn of TwentyTwoYards said in a statement.
And in India, Snap's current partner has built 50 clubs and aims to develop another 250 by the end of 2017.
"Our international growth is going to be a huge driver for the company," said Steele Smiley, chief officer for growth at Snap's parent firm Lift Brands Elevated Wellness Cos.
Smiley, founder of Steele 365 fitness clubs that were acquired by Lift last year, said the firm is closing in on 2,000 fitness clubs spread through 14 countries in addition to the U.S.
Though a small portion of its international units are company-owned, the firm chiefly seeks development partners to find and manage overseas franchisees. "Our role is to support their growth and provide them with systems, process and procedures," Smiley said.
The closely held company earlier this year took on a new strategic investor in TZP, a New York-based private equity firm with more than $500 million under management.
Evan Ramstad • 612-673-4241
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