Afinum sells Meridian to TDR Capital-backed David Lloyd

UK-headquartered health club chain David Lloyd Leisure also acquired the remaining shares in the company from Meridian CEO Leo Eckstein.

Following this deal, the new group expects to further expand and consolidate its market position in Germany and the rest of Europe.

David Lloyd Leisure currently operates 115 clubs in the UK, Netherlands, Belgium, France, Italy, Spain, Ireland, and most recently Germany, where it acquired its first club in 2018.

TDR Capital bought the business via its €2.1bn third fund in September 2013, in a deal valued in the £750m region. Following the acquisition, TDR invested a further £50m to enhance company's facilities.

Afinum bought Meridian in 2014 by deploying capital from its €210m fund AF Eigenkapitalfonds für deutschen Mittelstand. The GP provided the company with growth financing to support the development of its two new facilities based in Frankfurt and Hamburg-Barmbek.

Under Afinum’s ownership, Meridian consolidated its market position across Germany, increased its revenues and scaled up its management team with several new entries, the firm said. In addition, the company’s marketing and communication strategy was developed with a focus on digital media.

Company
Headquartered in Hamburg, Meridian Spa & Fitness operates a network of eight gyms, spas and fitness centres located across northern Germany (Hamburg, Berlin, Frankfurt and Kiel), with about 39,000 members and 500 employees.

People
Meridian Spa & Fitness - CEO Leo Eckstein (CEO).

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• Topics
• Exits
• Portfolio management
• DACH
• UK / Ireland
• Afinum
• TDR Capital
• Germany
• United Kingdom
• Build-up
• Trade sale