Sunday, December 22, 2024

Providence to acquire fitness operator VivaGym

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  • VivaGym’s management team will reinvest alongside Providence
  • Bridges first invested in VivaGym in 2015
  • Providence is a private equity investment firm

Providence Equity Partners has agreed to acquire VivaGym Group, an Iberian operator of affordable gyms, from Bridges Fund Management.

VivaGym operates 104 gyms with over 315,000 members across Spain and Portugal.

VivaGym’s management team will reinvest alongside Providence, as is Ares Management Corporation, VivaGym’s primary lender.

“Europe’s fitness industry is one we have studied closely for ten years and we believe now is the right time to partner with a leader like VivaGym in this highly attractive market,” said Robert Sudo, managing director at Providence, in a statement. “In our view, VivaGym is a classic Providence investment: a solid business model with loyal customers, engaged and talented employees, and an established brand.”

Bridges first invested in VivaGym in 2015 when its footprint spanned just 15 gyms in Spain. The firm supported VivaGym by streamlining operations and processes, expanding footprint through new openings and strategic bolt-on acquisitions – notably Fitness Hut, Duet Fit and Happy Gym, according to a release.

“During that period, it has broadened access to high-quality gym facilities, and supported better health outcomes for hundreds of thousands of people,” said James Hurrell, partner at Bridges, in a statement.

The agreement is subject to customary and regulatory closing conditions and is expected to be completed before the end of Q2 2024.

Bridges is a specialist sustainable and impact investor. It has raised over £1.7 billion across its platform of property, private equity, and outcomes strategies.

Providence is a specialist private equity investment firm focused on growth-oriented media, communications, education and technology companies across North America and Europe. It is based in Providence, Rhode Island.

No financial terms of the transaction were disclosed.

Providence was advised by Roland Berger, PwC, CBRE, West Monroe, Uría Menendez and Allen & Overy. Bridges Fund Management was advised by lead advisor Canaccord Genuity, as well as KPMG, Deloitte and Eversheds.

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