Cardinal Stone Capital Sells Majority Stake in i-Fitness for $12 Million


Cardinal Stone Capital Partners, a prominent player in Africa’s private equity scene, has announced the completion of a major divestiture by selling their majority stake in i-Fitness, Nigeria’s premier fitness and gym franchise, to Verod Capital Management. The transaction, which values i-Fitness at approximately $18.5 million, saw Cardinal Stone exiting with an impressive return of $12 million. This strategic decision highlights both firms’ commitment to fostering growth within the health and wellness sector in Nigeria while simultaneously showcasing the potential of the local economy as an attractive destination for investors.

The sale of Cardinal Stone’s 65% shareholding in i-Fitness follows a period of robust expansion for the company, which now boasts over 30 locations across Nigeria. During their tenure, Cardinal Stone supported i-Fitness’ ambitious plans, helping them navigate challenges such as the COVID-19 pandemic and economic uncertainties. As part of the agreement, Cardinal Stone will retain a minority stake in the business, demonstrating confidence in i-Fitness’ future prospects.

Yomi Jemibewon, Managing Director of Cardinal Stone, commented that “We are proud of our partnership with i-Fitness and the role we played in supporting their growth. We look forward to seeing how they continue to innovate and expand their offerings.” He added that the successful exit event underscores Cardinal Stone’s ability to deliver strong returns to its investors while contributing positively to the broader ecosystem.

This latest announcement builds upon Cardinal Stone’s track record of success in identifying promising opportunities and delivering exceptional results for its portfolio companies. With this strategic sale, Cardinal Stone continues to demonstrate its leadership in the private equity space, setting new benchmarks for value creation and sustainable growth in Africa.

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