Launch of 10 new Power World Gyms
Officially unvieling the state-of-the-arm gyms at the launching ceremony - Pic by Nilan Maligaspe
Power World Gyms, the pioneers of the fitness industry in Sri Lanka since 1994, announced a strategic investment by a Mumbai Stock Exchange listed, Talwalkars Better Value Fitness Ltd, India and the launching of ten new Power World Gyms across the Greater Colombo area yesterday.
Apart from the seven existing gyms in Colombo, the ten new gyms are located in Welisara, Kotahena, Kiribathgoda, IDH, Malabe, Kaduwela, Piliyandala, Dehiwela, Moratuwa and Panadura. The ten state-of-the-art gyms was launched by Dayasiri Jayasekera, the Minister of Sports. Each gym is fully equipped with cardiovascular equipment, strength machines and free weights, catering to a 1,000 in each location.
They are equipped with top-of-the-line equipment brands such as Cybex, Life Fitness, Precore, Nautilus, Startrac and Flex in the designated 3,500 sq. ft. to 10,000 sq. ft. area. Also each centre will have dedicated and qualified fitness instructors and fitness managers. Both partners Power World Gyms and Talwalkars Better Value Fitness Ltd, India boast a wealth of industry experience as the market leaders in their respective countries. Together, these two power houses have set out on a ground breaking endeavour to put Sri Lankans on the fast track to fitness.
Talwalkars, in addition to being the leader in Indian fitness since 1932, was the first listed fitness company on the Indian stock market.
It made its mark on the Forbes Asia ‘Best Under a Billion’ list in 2013, with over 160 gyms across 84 cities in India. Talwalkars offers a diverse set of services including gyms, spas, aerobics and health counseling to an active member base of over 125,000. They recorded revenues of USD 36 million in 2015 and market capitalisation of USD 83.6 million. Mr. Prashant Talwalkar, Managing Director and CEO of Talwalkars Better Value Fitness Ltd. said, “Sri Lanka is at the cusp of transformational growth in the health and fitness market, with increasing disposable incomes coinciding with heightened levels of awareness in maintaining healthy lifestyles.
We are pleased to partner with Power World Gyms and offer our tailor made solutions for the rapid growth expected in the Sri Lankan market.” Power World Gyms, maintaining its position as market leader in Sri Lanka over the last 22 years and has developed a gym model that provides quality fitness centers at an affordable price for those in the middle and upper income groups. Power World also manages several in-house gyms for corporate entities amounting to a membership of over 8,000 individuals. Commenting on the occasion, Mr. Talavou F. Alailima, Founder and Managing Director of Power World Gyms Limited said, “Power World Gym presents a well tested and evolved business model for the fitness industry in Sri Lanka, having grown to a network of seven thriving gyms
Our partnership is a ‘win-win’ proposition not just for Power World and Talwalkars, but also for many thousands of busy individuals in Sri Lanka, seeking to secure for themselves a healthy and fit life style” Acuity partners a full service investment bank provided the independent valuation of the Power World Gym business while Navara Capital Partners acted as the structuring investment bank of the business. Sparrow Advisory, a boutique corporate finance firm based in India acted as the exclusive advisors to Power World Gyms and its founder owner on the business transaction.