Bridges-backed Viva Gym acquires Fitness Hut

The deal was funded by Viva majority shareholders Bridges Fund Management, which acquired it in 2015 via its Sustainable Growth Fund III alongside VC fund Magenta Partners, the investment firm that founded Viva in 2011.

Bridges, via its Fund III, and Magenta made a further equity investment for the acquisition, which also included co-investment from Hermes GPE and the management teams of Viva and Fitness Hut. Fitness Hut founding investor Edge Capital and subsequent investor OxyCapital exited as part of the deal.

The deal was supported by debt facilities from Ares Management, including a committed follow-on capital capacity to fund further growth.

Despite the merger, the gyms will continue to operate under their respective brands.

Bridges has previously backed low cost chains The Gym Group in the UK and Impact Fitness in North America.

Company
The acquisition and merger will create a low-cost fitness group in the Iberian region, with 200,000 members across 48 sites and combined revenues of €50m. Management plans to add an additional 14 gyms in 2018 with an overall target of 90 by the end of 2020.

People
Viva Gym – Juan del Río Nieto (CEO).
Fitness Hut – Nick Coutts  (co-founder).
Bridges Ventures – James Hurrell (investment director).

Advisers
Company (Viva) – Lincoln International (debt advisory); Eversheds Sutherland (legal).
Company (Fitness Hut) – Clearwater International (corporate finance).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Exits
• Bridges Ventures
• Spain
• Portugal
• Build-up
• Acquisition finance
• Trade sale
• Lincoln International
• Eversheds
• Clearwater