Lagos-based private equity firm CardinalStone Capital Advisers (CCA) has sold its stake in i-Fitness Nigeria, a health and wellness business, to $360m West Africa-based private equity firm Verod Capital Management, via its CardinalStone Capital Advisers Growth Fund (CCAGF). 

i-Fitness was founded by Foluso Ogunwale in 2015 and operates a chain of low-cost gyms across Nigeria. CCA first invested in i-Fitness in 2019 when it served 3,000 subscribers and employed 50 employees. According to a press release, the business now serves 26,000 subscribers and employs 500 employees.

i-Fitness was CCAGF’s first investment and marks its first completed exit; in turn, CCA was i-Fitness's first institutional investor.

Rand Merchant Bank Nigeria and CardinalStone Partners acted as joint financial advisors, and Udo Udoma & Belo-Osagie acted as legal counsel to CCA.

CCA invests across West Africa and operates offices in Lagos and Accra. The firm is currently fundraising for its second fund, CCAGF II.