September 12, 2018
Leejam Sports Company becomes the first fitness chain to list on the Saudi Stock Exchange
Bahrain-based Investcorp has announced the successful listing of its portfolio company, Leejam Sports Company on the Saudi Stock Exchange.
Leejam marks the firm’s second Saudi portfolio company to successfully list on the Tadawul, the first fitness chain to list in the region, and the first company to list on the Saudi exchange so far this year.
Leejam is considered the largest fitness centre operator in Saudi Arabia and owns more than 100 fitness centres under the Fitness Time brand, of which 108 are located across 23 cities in Saudi Arabia, and four in the UAE.
Leejam opened its first ladies-only fitness centre in Saudi Arabia in July 2017, and said it is targeting to further capitalise on this attractive market opportunity to help drive future growth, together with the core male fitness market.
Hazem Ben-Gacem, co-CEO of Investcorp, said: “We are proud to see yet another one of our portfolio companies go public, demonstrating our ability in helping companies achieve crucial milestones in their growth journey.”
Fahad Al Haqbani, CEO of Leejam, added: “Investcorp has helped transform Leejam from a family business into an institution, whilst enabling management to drive the successful growth trajectory. Our vision is to become the best, biggest, most accessible and most advanced fitness centre chain in the MENA region.”
In June 2016, Investcorp successfully listed another of its Gulf Opportunity Fund I portfolio companies, L’azurde Company for Jewelry.