LONDON: Oakley Capital Investments’ Oakley Capital Origin Fund 2 has acquired a majority stake in 7NXT GmbH, the leading online fitness and nutrition platform in the German speaking region, from founder and CEO Markan Karajica and Crosslantic Capital.
Mr Karajica will continue in his role as CEO and will retain a significant minority stake in the business.
7NXT comprises three businesses: Gymondo, the leading female-focused online fitness subscription platform; Shape Republic, a direct-to-consumer fitness nutrition and supplements brand; and Brand Solutions, 7NXT’s complementary merchandising and licensing division. Gymondo accounts for the majority of the Group’s revenues, offering subscription-based access to high-quality workout videos, customised fitness programs and personalised nutrition plans. Since launching in 2013, Gymondo has seen over 2 million accounts registered.
Through its investment, Oakley will partner with Mr Karajica and the management team to scale 7NXT in the rapidly growing online fitness and health market and accelerate both its domestic and international growth. Oakley will support the management team through its network, operational experience and expertise in the consumer technology sector, established through its track record of successful investments in market leading platforms, such as Parship Elite, Facile.it and Wishcard Technologies Group (formerly Seven Miles).
Oakley originated the deal through a strong relationship with the founder Markan Karajica. The investment demonstrates Oakley’s ability to leverage its wider network and its reputation as an attractive business partner for entrepreneurs.
The Origin Fund, to which OCI made an initial commitment in July 2020, has invested €42.6 million to acquire 7NXT.
Peter Dubens, Managing Partner of Oakley Capital, commented: “7NXT is a leader in the high-growth digital fitness and nutrition market, with an excellent leadership team, driven to fulfil their mission of empowering people to live healthy and positive lifestyles. As a founder-led, tech-enabled business, 7NXT demonstrates many of the traits that Oakley targets in an investment and we believe that it is well placed to build on its position as the German market leader. We are looking forward to partnering with Markan and the team at this exciting stage.”
Markan Karajica, CEO of 7NXT Group, commented: “We are thrilled to have found an experienced and dynamic partner in Oakley, with a shared vision to accelerate the growth of the company in the coming years, both in Germany and internationally. My team and I look forward to taking 7NXT to the next level with Oakley’s support.”