Verod, a West African private equity firm, has announced its strategic investment in i-Fitness, Nigeria’s fitness and gym chain.
This investment aims to enhance opportunities for improved and more flexible fitness services, contributing to the growth of the wellness industry in Nigeria, Verod said Thursday.
The investment in i-Fitness marks the latest addition to Verod Capital Growth Fund III’s portfolio, highlighting its commitment to fostering a thriving fitness community in Nigeria. Daniel Adeoye, Partner at Verod, expressed enthusiasm about the collaboration with i-Fitness, emphasizing its potential to further expand the value-for-money gym chain across West Africa.
“Verod is highly enthusiastic about its collaboration with i-Fitness, which will contribute further to the growth and expansion of its value-for-money gym chain in West Africa.”
Founder and CEO of i-Fitness, Foluso Ogunwale, welcomed Verod’s partnership, underscoring the company’s dedication to democratizing fitness and integrating it into urban lifestyles.
“We are very pleased to have Verod partner with us,” Ogunwale said in a press statement.
“i-Fitness is committed to making fitness common, more convenient, and more importantly making it an integral part of the urban lifestyle. We have another great opportunity to touch many more lives by promoting the culture of health and fitness.
“Our partnership with Verod will help us in achieving this objective. We expect the synergy between both firms to strengthen our position in leading the fitness industry in West Africa and more importantly, equip us with all needed resources to deliver world-class services to our members.”
With Verod’s support, i-Fitness aims to reach more individuals and promote a culture of health and fitness, ultimately delivering world-class services to its members.
The synergy between Verod and i-Fitness is expected to strengthen the company’s position as a leader in the fitness industry in West Africa.
