NorthEdge invests £11.5m in Total Fitness

The deal awarded existing investor RooGreen Ventures with a partial exit, as well as a reinvestment opportunity. The deal was done off-market, with RooGreen contacting NorthEdge directly to support the company's next growth phase.

The fresh capital will be used to support the company's growth plans, which will commence with the reopening of the Total Fitness club in Wrexham following a £1m refurbishment. Over the next few years, NorthEdge will support the company's continued refurbishment programme.

Previous investment
In July 2004, Legal & General Ventures acquired Total Fitness from Anglo International Corporation in a deal thought to be worth £80m.

During the financial downturn, the company suffered due to too much debt and high property costs. In 2010, Total Fitness went into administration and its banking syndicate took an equity slice in the company through a pre-pack process.

The company's lenders contacted RooGreen Ventures in mid-2012 to speed up the company's turnaround. Since coming into Total Fitness, RooGreen brought in new management and restructured the business.

Company
Headquartered in Wilmslow, Total Fitness operates 17 health clubs across the north of England. It has 87,000 members and employs 530 people.

People
Richard Millman is CEO of Total Fitness. Warwick Ley and Brian Davidson head up RooGreen Ventures. Partner Ray Stenton led the deal for NorthEdge alongside investment director Tom Rowley and investment executive Gavin Bell.

Advisers
Equity – Deloitte, Andy Westbrook (Corporate finance); KPMG, John Moth, Steve Heath (Financial due diligence, tax), GunnerCooke, Tim Hamilton, Nick Ducker (Legal).
Management – DWF, Jonathan Robinson (Legal).
Vendor – Mazars, Nick Johnson (Corporate finance); DLA Piper, Tim Lake (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Buyouts
• Consumer
• NorthEdge Capital
• LGV Capital