Gymshark founder and CEO Ben Francis is in talks to buy back part of General Atlantic’s stake in the company, a move that would increase his ownership beyond its current level.

Francis has been discussing the company’s valuation and the size of a potential transaction while also sounding out banks about financing, people familiar with the matter told the Financial Times.

The discussions have focused on a partial buyback rather than the firm’s entire holding, making a full exit by General Atlantic less likely.

General Atlantic invested $267 million (£200 million) in Gymshark in 2020 for a 21% stake, valuing the British fitness apparel company at $1.3 billion (£1 billion) and leaving Francis with majority control.

Gymshark built its rapid growth through athlete partnerships, influencer marketing and a direct-to-consumer business model that helped preserve margins by limiting reliance on third-party retailers.

The company has since faced a more challenging operating environment as competition intensified and consumer spending weakened. 

Last year, it launched an operational restructuring aimed at improving efficiency, strengthening customer service across continental Europe and helping the business “weather near-term storms.” The restructuring resulted in hundreds of job cuts.

UK Companies House filings show revenue rose 6.5% to $865 million (£647 million) in the year ended July 2025, while pre-tax profit fell to $9.2 million (£6.9 million) from $15.7 million (£11.8 million) a year earlier.

In its annual results, Gymshark said sales accelerated as it reduced discounting and refined its marketing strategy, adding that the momentum has carried into the current financial year.

It has previously been reported that  Gymshark has explored the possibility of an initial public offering.

General Atlantic is a growth equity firm founded in 1980 by Chuck Feeney. The firm manages more than $118 billion in assets and provides capital to help businesses scale internationally across various sectors.

The New York-based private equity firm has invested in several apparel companies, including Shein, Authentic Brands Group, and Sezane, per the website.

In 2024, General Atlantic led an $825 million investment round for Vuori, an athletic and active wear brand. 

Last month, the firm announced that Novak Djokovic was hired as a global strategic advisor, and will be working with the firm’s leadership, portfolio companies and investors to bring new perspectives on leadership, resilience and innovation, the company noted.

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