Pure Gym ECONOMIC

Target: Pure Gym Limited / PureGym Group Research date: 26 October 2026 Evidence period: 2008–October 2026 Scope: Corporate operations, ownership, financial exposure, supply chains and commercial relationships potentially connected to Israel or occupied Palestinian territories.

Supply Chain & Sourcing Relationships

Business model and supply-chain exposure

PureGym describes its principal business as operating affordable fitness facilities, with more than 700 gyms and more than two million members across its international network in 2026.¹

Its modern slavery statement identifies equipment and uniform manufacturing, cleaning, maintenance and outsourced services as areas of supply-chain risk, while describing gym operations and central support as the group’s principal activities.²

Direct Israeli agricultural suppliers

No public evidence identified establishing direct procurement relationships between PureGym and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors or other named Israeli agricultural exporters.

Product categories

No public evidence identified of PureGym procuring Israeli-origin Medjool dates, avocados, citrus fruit, fresh herbs, potatoes or comparable agricultural products.

Importer-of-record structure

PureGym’s published 2025 tax strategy identifies Pure Gym Limited, Pure Gym Denmark AS, PureGym AG and Pure Fitness LLC as operating entities across its principal corporate-owned markets.³

No public evidence identified of a PureGym-owned importer-of-record subsidiary, joint venture or dedicated import company handling Israeli-origin agricultural products.

Seasonal sourcing

No public evidence identified of recurring seasonal purchases from Israeli suppliers during December–April or other counter-seasonal sourcing periods.

Third-party suppliers and indirect imports

PureGym’s supply-chain disclosure refers to equipment manufacturing and outsourced services without identifying an Israeli agricultural distributor, reseller or white-label supplier.²

No public evidence identified establishing that Israeli-origin agricultural products or settlement-produced goods reach PureGym through third-party distributors.

Franchise procurement

PureGym’s Saudi Arabian membership terms identify Ektimal Sports Company, commercial registration 1010616447, as the Saudi licensee operating under the PureGym brand.⁴

No public evidence identified connecting Ektimal Sports Company’s procurement arrangements to Israeli suppliers or settlement-produced goods.

Equipment and merchandise

No public evidence identified establishing a specific Israeli manufacturer of PureGym gym equipment, branded merchandise, uniforms, vending products or technological infrastructure.

Settlement-linked supply chain

No public evidence identified of a PureGym supplier operating from Israeli settlements in the West Bank, East Jerusalem or Golan Heights.

Sponsor-linked business activity

During 2025, KKR-associated investment vehicles and CPP Investments jointly obtained majority ownership of AVIV Group, whose business portfolio included the Israeli classifieds platform Yad2.^{5, 6}

Yad2 operates property, automotive, employment and general-classified advertising services in Israel.⁷

No public evidence identified establishing a procurement, distribution, technology-supply or customer relationship between Yad2 and PureGym.

Product Origin, Labeling & Regulatory Compliance

Applicable UK origin rules

UK government guidance explains that products originating in Israeli settlements in territories occupied since 1967 are not entitled to the preferential tariff treatment available to qualifying Israeli-origin goods under the relevant UK-Israel trade arrangements.⁸

The same guidance describes separate origin-labelling expectations for produce originating in Israeli settlements, including the need to avoid misleading consumers about its provenance.⁸

UK food-labelling guidance requires country or place-of-origin information for specified food categories, including fruit and vegetables, and where omission might mislead consumers.⁹

The government’s September 2026 packaging guidance addresses legal requirements for communicating food information in England, Wales and Northern Ireland.¹⁰

Settlement-origin products

No public evidence identified of PureGym selling products confirmed or suspected to originate from Israeli settlements in the West Bank, East Jerusalem, Jordan Valley or Golan Heights.

Regulatory investigations

No public evidence identified of a DEFRA, HMRC, trading-standards or customs enforcement action against PureGym concerning the origin or labelling of Israeli or settlement-produced goods.

Corporate policy

PureGym publishes policies and statements addressing taxation, modern slavery, sustainability and corporate governance.^{3, 11}

No public evidence identified of a specific PureGym policy addressing the sourcing, labelling or exclusion of goods originating from Israeli settlements.

Government policy developments

The UK government’s overseas-business-risk guidance for Israel discusses restrictions on preferential tariff treatment for settlement products and the applicable settlement-origin labelling framework.¹²

On 8 September 2026, the UK Foreign Secretary announced an intention to introduce restrictions concerning settlement goods and specified settlement-related economic activities.¹³

The ministerial statement does not establish that the proposed restrictions had entered into force or identify PureGym as a subject of those measures.¹³

Product-origin compliance status

No public evidence identified of either a documented PureGym settlement-origin labelling violation or a product-specific certification of compliance concerning settlement goods.

Settlement-related digital advertising

The Israeli platform Yad2 provides property advertising and other classified services, including residential real estate listings.⁷

No public evidence identified establishing that PureGym owned or operated Yad2, or that PureGym received revenue from settlement-specific Yad2 advertisements.

No independently verified settlement-specific listing, transaction or advertising contract involving Yad2 was established during this expansion.

Investment, Capital & Financial Exposure

Corporate ownership

PureGym’s primary refinancing announcement, dated 30 September 2026, identifies Leonard Green & Partners, L.P. as the group’s majority owner and KKR as a significant minority investor since December 2021.¹⁴

PureGym’s November 2024 Blink Fitness acquisition announcement described the group as jointly owned by Leonard Green & Partners, KKR and more than 100 members of group management.¹⁵

Refinancing announcement publication date

PureGym’s original corporate publication titled “Successful pricing of senior secured notes supports PureGym’s continued expansion” explicitly gives the publication date as 30 September 2026.¹⁴

The announcement identifies Pinnacle Bidco plc as the issuer of the refinancing notes.¹⁴

The announcement’s September 2026 publication date confirms the existing audit chronology.¹⁴

Holding company

PureGym’s 2025 tax strategy identifies Pinnacle Topco Limited and its subsidiaries as the relevant corporate group.³

[pre-2020] Companies House identifies Pinnacle Topco Limited, company number 11038720, as a UK private limited company incorporated on 30 October 2017 and registered in Leeds, with its registration continuing in 2026.¹⁶

Direct Israeli investments

No public evidence identified of PureGym directly acquiring factories, land, commercial property, logistics facilities, gyms or operating companies in Israel or occupied Palestinian territories.

Acquired Israeli operating subsidiaries

No public evidence identified of PureGym acquiring or controlling an Israeli-incorporated operating company.

No verified Israeli subsidiary acquisition date, acquisition consideration, controlling ownership percentage, Israeli manufacturing facility, Israeli workforce, Israeli revenue figure or Israeli defence-sector relationship was established within the PureGym operating group.

Verified overseas acquisition - Blink Fitness

On 29 November 2024, Pinnacle US Holdings LLC, a PureGym subsidiary, completed the acquisition of Blink Fitness corporate operations and locations in New York and New Jersey for $121 million in cash.¹⁵

The transaction involved US fitness operations rather than an identified Israeli operating company.¹⁵

Agreed acquisition - NonStop Gym

On 15 October 2026, PureGym announced an agreement to acquire NonStop Gym, a Swiss low-cost gym operator with 47 locations and more than 100,000 members, for £235 million.¹⁷

The company stated that completion was expected on 2 November 2026, a date after this audit’s research date.¹⁷

The announced transaction concerns a Swiss operating business and identifies no Israeli operating subsidiary.¹⁷

Research and development

PureGym’s corporate overview refers to digital innovation and technology supporting its gym membership proposition.¹⁸

No public evidence identified of an Israeli R&D centre, accelerator programme, technology laboratory or joint research facility operated by PureGym.

Parent and private-equity sponsor exposure

Leonard Green & Partners’ majority ownership and KKR’s significant minority ownership establish financial investment in PureGym by those sponsors.¹⁴

Separate 2025 corporate disclosures establish that KKR-associated investment vehicles and CPP Investments jointly obtained majority ownership of AVIV Group through the restructuring of Axel Springer.⁵

This creates a documented historical investment relationship between one of PureGym’s significant minority shareholders and an Israeli operating business held through a separate investment structure.^{14, 5, 6}

KKR, AVIV Group and the Axel Springer restructuring

On 29 April 2025, Axel Springer implemented a restructuring separating its publishing activities from its online classifieds businesses.⁵

Under the completed arrangement, AVIV Group and The Stepstone Group became independent businesses under the combined majority ownership of KKR-associated investment vehicles and CPP Investments.⁵

Axel Springer retained a 10% minority shareholding in both classifieds businesses.⁵

Axel Springer’s contemporaneous account of the completed transaction states that KKR and CPP Investments collectively held 90% of the classifieds companies.¹⁹

The available primary disclosures establish combined majority ownership but do not identify KKR’s individual equity percentage within that combined 90% holding.^{5, 19}

Israeli business within the AVIV portfolio - Yad2

Contemporaneous business reporting identifies AVIV Group as the parent of Yad2, an Israeli classifieds platform operating in real estate, automobiles, employment and second-hand goods.⁶

Calcalist reported in October 2025 that KKR had obtained control of Yad2 through the Axel Springer restructuring and was conducting a sale process for the Israeli business.⁶

The publication identified Yad2 as a Tel Aviv-based operating business and reported that its platform received approximately 590,000 new advertisements each month.⁶

The report identified 2024 revenue of approximately €62.4 million and projected 2025 revenue of approximately €73.1 million.⁶

The projected 2025 figure was published before the relevant financial year ended and is not presented as an independently audited result.⁶

The restructuring was completed after 19 July 2024 and after the ICC arrest warrants issued in November 2024.⁵

The subsequent Yad2 sale process demonstrates continued KKR-linked investment activity involving the Israeli company during 2025.^{6, 20}

Subsequent disposal of Yad2

On 1 December 2025, Globes reported an agreement under which Apax Partners would acquire Yad2 from KKR for approximately $950 million.²⁰

On 19 March 2026, Calcalist reported that the acquisition by Apax had been completed for approximately $950 million.²¹

Apax Partners’ investment portfolio identifies Yad2 as an Israeli investment with investment year 2026 and status “Current”.⁷

A September 2026 announcement by Israeli law firm Gornitzky confirms its representation of Bank Leumi in financing Apax’s acquisition of the company owning Yad2.²²

The firm’s announcement describes a loan facility exceeding NIS 1 billion and an additional facility exceeding NIS 1.2 billion associated with the acquisition.²²

These later records establish that Yad2 should be treated as a historical KKR-linked investment rather than a currently controlled KKR portfolio company as of 26 October 2026.^{21, 7}

Attribution boundaries

The PureGym operating-group disclosures identify its UK holding structure and operating businesses in the UK, Denmark, Switzerland and United States.³

The AVIV restructuring disclosures identify independently operating classifieds businesses owned through a separate investment arrangement involving KKR-associated investment vehicles and CPP Investments.^{5, 19}

No public evidence identified establishing PureGym as a shareholder in AVIV Group or Yad2.

No public evidence identified establishing that Yad2 was consolidated into PureGym’s financial statements or financed through PureGym corporate borrowing.

No public evidence identified of PureGym receiving dividends, distributions, fees or other payments from Yad2.

The documented common relationship is through KKR-associated investment interests, with different underlying operating businesses and ownership structures.^{14, 5, 6}

Leonard Green & Partners

PureGym identifies Leonard Green & Partners as its majority owner in September 2026.¹⁴

No public evidence identified within the verified PureGym disclosures of a specific Israeli operating company directly owned by PureGym through Leonard Green & Partners.

No public evidence identified establishing an Israeli investment made personally by a named Leonard Green principal that was incorporated into the PureGym operating group.

Named PureGym principals

PureGym’s 2026 investor materials identify Alex Wood as Chief Executive Officer and Humphrey Cobbold as Chair.²³

Companies House provides the corresponding UK directorship records for Pure Gym Limited and Pinnacle Topco Limited.^{24, 25}

No public evidence identified of a specifically documented material Israeli-company investment by a named PureGym executive, founder, director or personal family-office vehicle that could be quantified and attributed to the target.

Investment funds, securities and sovereign debt

No public evidence identified of PureGym itself holding Israeli government bonds, Israel Bonds, Israeli-domiciled equities or Israel-focused investment funds.

No public evidence identified of PureGym underwriting Israeli sovereign debt, arranging Israeli war bonds, insuring Israeli state operations or directly lending to Israeli settlement enterprises or defence manufacturers.

The verified Yad2 relationship concerns a sponsor’s historical operating-company investment through a separate ownership structure.^{5, 6}

Corporate financing

On 30 September 2026, PureGym announced a refinancing involving €1.05 billion of senior secured euro notes and £500 million of senior secured sterling notes, with maturities in 2032.¹⁴

The euro notes carry a 6.500% coupon and the sterling notes carry an 8.00% coupon.¹⁴

The company also announced an increased £216 million super-senior revolving credit facility, compared with the previous £175.5 million facility.¹⁴

Participating banks included Barclays, RBC Capital Markets, ING, BNP Paribas, Goldman Sachs International and J.P. Morgan.¹⁴

The stated purposes of the refinancing included redemption of existing senior secured notes, partial redemption of preferred shares, general corporate purposes and associated transaction costs.¹⁴

These disclosed financing relationships concern PureGym’s borrowing rather than underwriting of Israeli sovereign debt by PureGym.¹⁴

Financial performance

PureGym’s investor overview reported approximately £765 million of last-twelve-month revenue and £253 million of last-twelve-month run-rate adjusted EBITDA at Q2 2026.²³

Independent industry reporting dated 27 August 2026 recorded H1 2026 revenue of £393.0 million and adjusted EBITDA of £123.6 million.²⁶

No public evidence identified separating any Israeli financial contribution from these group-wide results.

Operational Presence & Market Activity

Geographic footprint

PureGym’s corporate disclosure for 30 June 2026 reported operations comprising 467 gyms in the UK, 128 in Denmark, 49 in Switzerland, 61 in the United States and 23 franchise gyms in Saudi Arabia and the United Arab Emirates.¹⁴

These disclosed markets account for 728 gyms worldwide and do not include an Israeli operating market.¹⁴

United Kingdom

PureGym’s corporate profile identifies the United Kingdom as its largest operating market, with 455 UK gyms at 31 December 2025.¹

Denmark

The group reported 128 gyms in Denmark at 31 December 2025 and described itself as a leading operator in that market.¹

Switzerland

PureGym reported 48 Swiss gyms at 31 December 2025, before announcing its October 2026 agreement to acquire NonStop Gym.^{1, 17}

United States

The November 2024 Blink Fitness acquisition expanded PureGym’s US operations through the acquisition of corporate sites in New York and New Jersey.¹⁵

Middle East

PureGym’s September 2026 corporate disclosure identifies 23 franchised locations in Saudi Arabia and the United Arab Emirates.¹⁴

The Saudi Arabian franchise terms identify Ektimal Sports Company as the local licensee.⁴

Israel and occupied territories

No public evidence identified of PureGym operating gyms, offices, warehouses, support centres, sales offices or other permanent commercial facilities in Israel, the West Bank, East Jerusalem or Golan Heights.

Historical sponsor portfolio operation in Israel

During 2025, Yad2 was an Israeli classifieds business associated with the AVIV Group investment structure controlled jointly by KKR-associated investment vehicles and CPP Investments.^{5, 6}

Yad2’s activities included online property, vehicle, jobs and general classified advertisements.⁷

Apax Partners identifies Yad2 as a 2026 Israeli investment.⁷

These operations belong to Yad2 and its investment ownership structure rather than the PureGym fitness operating group.^{3, 5, 7}

Israeli employment

No public evidence identified establishing the number of employees working for PureGym in Israel.

Yad2 maintained a substantial Israeli digital-marketplace operation during the historical KKR-linked investment period, but a verified precise employee count was not established.⁶

Israeli taxation

No public evidence identified of PureGym holding Israeli tax residency, Israeli preferred-technology-enterprise status or an Israeli business-tax registration.

Group employment

PureGym’s modern slavery statement reported average 2024 employment of 6,063 operational employees and 625 central-support employees, with support offices identified in Leeds, London, Copenhagen, Zurich, New York and Virginia.²

Israeli market positioning

No public evidence identified of PureGym designating Israel as a growth market, strategic regional hub, export market or established operating geography.

Settlement franchise or licensee

No public evidence identified of a PureGym franchise, licensee, subsidiary or authorised commercial operator maintaining locations in Israeli settlements.

Settlement-specific Yad2 activity

Yad2’s general commercial categories include Israeli residential property advertising.⁷

No independently verified settlement-specific Yad2 listing, transaction or advertising revenue figure was established for the period of KKR-linked ownership.

No public evidence identified establishing that PureGym participated in Yad2’s advertising business or received fees from particular real estate advertisements.

Government, military and critical-infrastructure contracts

No public evidence identified of contracts between PureGym and the Israel Defense Forces, Israeli Ministry of Defence, Israeli ministries or settlement authorities.

Military-leave and reservist policies

No public evidence identified of PureGym operating an Israeli military-reservist salary supplement, protected military-leave programme or comparable employment policy.

Charitable partnerships

PureGym’s sustainability disclosures report that its partnership with the British Heart Foundation has raised more than £2.5 million.¹¹

No public evidence identified of a named PureGym donation-matching programme financing Israeli military organisations or settlement organisations.

Constructive-notice period

PureGym continued publicly disclosed international operations after 19 July 2024 and November 2024, including the Blink Fitness acquisition and subsequent geographic expansion.^{15, 14}

The KKR-linked investment in Yad2 also continued during 2025, following both dates, before the reported sale to Apax in 2026.^{5, 21, 6}

No public evidence identified of a specific Israeli settlement-related PureGym commercial activity continuing across those dates.

Corporate Structure & Foundational Ties

Incorporation

[pre-2020] Companies House records establish that Pure Gym Limited, company number 06690189, was incorporated in England and Wales on 5 September 2008 as a private limited company, with the company remaining registered in 2026.²⁷

Its registered office is Town Centre House, Merrion Centre, Leeds, LS2 8LY, and its principal registered activity is fitness facilities.²⁷

Original operating history

[pre-2020] PureGym’s corporate website identifies 2008 as the group’s founding year, with its origins in affordable fitness clubs in the United Kingdom and subsequent international expansion.¹⁸

No public evidence identified that PureGym was founded or originally incorporated in Israel.

Headquarters

PureGym’s announcement dated 30 September 2026 identifies Leeds, England, as the group’s headquarters.¹⁴

No public evidence identified of a current or historical Israeli corporate headquarters.

Parent company

[pre-2020] Pinnacle Topco Limited was incorporated in the United Kingdom in October 2017 and remains registered in Leeds.¹⁶

PureGym’s 2025 tax strategy names Pinnacle Topco Limited as the group parent for the purposes of its UK tax-strategy disclosure.³

Operating companies

PureGym’s 2025 tax strategy identifies Pure Gym Limited in the UK, Pure Gym Denmark AS in Denmark, PureGym AG in Switzerland and Pure Fitness LLC in the United States.³

The November 2024 acquisition announcement additionally identifies Pinnacle US Holdings LLC as the acquiring PureGym subsidiary in the Blink Fitness transaction.¹⁵

Controlling investment sponsors

PureGym’s September 2026 disclosure identifies Leonard Green & Partners as majority owner and KKR as significant minority investor.¹⁴

KKR’s separate investment structure obtained majority ownership of AVIV Group jointly with CPP Investments on 29 April 2025.⁵

The AVIV investment included the Israeli business Yad2, which was subsequently sold to Apax Partners in a transaction reported completed in March 2026.^{21, 7, 6}

No public evidence identified establishing Israeli beneficial control of PureGym.

Directors and management

Companies House records for Pure Gym Limited identify Alexander Basil John Wood and Rebecca Elizabeth Passmore as directors, and record the resignation of Clive Alexander Sloan Chesser on 8 July 2026.²⁴

Companies House records for Pinnacle Topco Limited identify Alexander Wood and Humphrey Cobbold among its officers and record Michael John Kirton’s resignation on 24 October 2025.²⁵

PureGym’s 2026 investor materials identify Alex Wood as Chief Executive Officer and Humphrey Cobbold as Chair.²³

Principal-investment relationships

No public evidence identified of named PureGym executives or board members directly controlling an Israeli company through a personal investment vehicle or family office.

State ownership

No public evidence identified of the Israeli state holding an ownership stake in PureGym or Pinnacle Topco Limited.

Government appointees

No public evidence identified of an Israeli government-appointed director on the PureGym board.

Structural governance

PureGym’s sustainability disclosures describe oversight through a governance committee and board-level corporate governance arrangements.¹¹

No public evidence identified of an Israeli government golden share, state veto, founder-share arrangement, restrictive charter provision or other governance mechanism linking PureGym’s corporate purpose to Israeli state policy.

Israeli-Nexus Floor - factual indicators

• Founded in Israel: no public evidence identified.
• Israeli headquarters or principal management: no public evidence identified.
• Israeli tax residency or PTE designation: no public evidence identified.
• Israeli beneficial ownership or control: no public evidence identified.
• Acquired Israeli operating company within PureGym: no public evidence identified.
• Israeli defence or settlement operations by PureGym: no public evidence identified.
• Historical Israeli operating-company investment by a significant minority investor: KKR-associated investment vehicles and CPP Investments jointly obtained majority ownership of AVIV Group in April 2025; AVIV’s portfolio included Yad2, which was subsequently sold to Apax in a transaction reported completed during 2026.^{5, 21, 7, 6}

Historical investment chronology

In 2019, KKR entered into an investment partnership with Axel Springer that preceded the later restructuring of the publisher’s media and classifieds businesses.⁵

In December 2021, KKR became a significant minority investor in PureGym.¹⁴

On 29 April 2025, Axel Springer’s completed restructuring transferred combined majority ownership of AVIV Group to investment vehicles associated with KKR and CPP Investments.^{5, 19}

During 2025, Yad2 remained an Israeli operating business within the AVIV-related investment portfolio.⁶

In December 2025, a sale of Yad2 to Apax for approximately $950 million was reported.²⁰

In March 2026, the acquisition was reported completed.²¹

Apax’s current investment record identifies Yad2 as a 2026 Israeli investment.⁷

Profit Repatriation & Economic Contribution

Group revenue

Independent industry reporting published on 27 August 2026 recorded PureGym revenue of £393.0 million for the six months ended 30 June 2026, up approximately 6% from the comparable prior-year period.²⁶

PureGym’s investor overview reported last-twelve-month revenue of approximately £765 million at Q2 2026.²³

Israeli-market revenue

No public evidence identified of revenue generated by PureGym from Israeli gym operations, Israeli licensing contracts or Israeli customers as a separately disclosed market.

Historical sponsor-level Israeli operating revenue

Calcalist reported that Yad2 generated approximately €62.4 million in 2024 revenue and was expected to generate approximately €73.1 million in 2025.⁶

These figures relate to Yad2, an Israeli operating business historically connected to PureGym’s significant minority investor through a separate AVIV investment structure.^{14, 5, 6}

No public evidence identified establishing that any of this operating revenue was recognised by PureGym.

Corporate tax contribution

PureGym’s 2025 tax strategy states that its group contributes to the UK Exchequer through VAT, corporation tax, employment taxes, national insurance contributions, environmental taxes and property taxes.³

No public evidence identified of corporate taxes paid by PureGym to the Israeli state.

Profit repatriation

PureGym’s disclosed parent is Pinnacle Topco Limited, a UK-incorporated holding company.^{3, 16}

No public evidence identified of PureGym profits being repatriated to an Israeli-domiciled parent or controlling corporate shareholder.

No public evidence identified of profits generated by Israeli PureGym operations being transferred to a foreign parent.

Private-equity distributions

PureGym’s ownership disclosures establish private-equity investment by Leonard Green & Partners and KKR.¹⁴

No public evidence identified providing sufficient detail to allocate specific PureGym dividends, financing payments, shareholder distributions or carried-interest receipts to Israeli beneficiaries.

Historical Yad2 investment proceeds

In December 2025, Globes reported that Apax Partners agreed to acquire Yad2 from KKR for approximately $950 million.²⁰

Calcalist subsequently reported completion of the transaction in March 2026.²¹

Apax’s own portfolio disclosure confirms that Yad2 is a current 2026 investment associated with Israel.⁷

The transaction represents a documented disposal of an Israeli operating-company investment associated with KKR-linked ownership.^{21, 7, 6}

No public evidence identified establishing that any sale proceeds, dividends or investment distributions from Yad2 flowed into PureGym or Pinnacle Topco Limited.

No verified distribution schedule was identified showing the precise allocation of sale proceeds among KKR-associated funds, CPP Investments, other shareholders and beneficiaries.

Acquisition financing and Israeli banking

On 2 September 2026, Israeli law firm Gornitzky disclosed that it represented Bank Leumi in financing Apax’s acquisition of the company owning Yad2.²²

The announcement described financing facilities exceeding NIS 1 billion and an additional NIS 1.2 billion associated with the transaction.²²

The disclosed borrower-side acquisition relates to Apax and Yad2, rather than financing arranged by PureGym.²²

No public evidence identified establishing a PureGym loan, guarantee or other financing obligation connected to the Yad2 transaction.

International reinvestment

PureGym’s November 2024 acquisition announcement documents a $121 million cash investment in the acquisition of US Blink Fitness operations.¹⁵

Its October 2026 Swiss announcement documents a £235 million agreement to acquire NonStop Gym.¹⁷

Neither announcement identifies an Israeli operating asset as the acquisition target.^{15, 17}

Employment and economic ecosystem

PureGym reported 6,688 average employees across its operations and central-support functions for 2024.²

The group reported approximately 2.4 million members and 728 operating gyms at 30 June 2026.¹⁴

No public evidence identified of PureGym being designated a major Israeli employer, national infrastructure provider, strategic supplier or sector anchor within the Israeli economy.

Yad2 is described by its current investment sponsor Apax as a leading Israeli online marketplace across property, automotive, employment and general classifieds.⁷

That description concerns Yad2’s market role rather than the market position of PureGym.⁷

Israeli sovereign financing

No public evidence identified of PureGym purchasing Israeli sovereign debt, distributing Israel Bonds, underwriting Israeli state borrowing or making material direct loans to Israeli government-controlled entities.

Settlement economic contribution

No public evidence identified of PureGym generating rental income, franchise income, sales income, service fees or other identifiable revenue from Israeli settlements.

No public evidence identified establishing a quantified settlement-specific revenue stream from Yad2 during the period of KKR-linked ownership.