Uría Menéndez and Pinsent Masons Advise on Viva Gym Group Acquisition
Uría Menéndez and Pinsent Masons provided legal counsel on Providence Equity Partners acquisition of Viva Gym Group Limited, along with the reinvestment of specific managers. The deal details remain confidential.
Providence has acquired control of the fitness group by purchasing the 60.3% stake held by the British investment fund Bridges Fund Management. This move marks the U.S. firm’s entry into the Spanish fitness market, acquiring a chain of gyms operating 104 low-cost clubs in Spain and Portugal.
Ares Management is among the debt funds that provided financing to Providence for this corporate transaction, having previously financed Bridges for the acquisition of chains like the Spanish Duet Fit and Portuguese Fitness Hut. Providence now controls a company led by CEO Juan del Río, who has decided to reinvest part of the funds obtained in the operation to maintain ownership in Viva Gym, which will continue to be headquartered in Málaga.
Currently, the company boasts 315,000 members, although its strategic plan until 2025 aims to reach 670,000 subscribers and operate 190 sports centers, nearly doubling its size in terms of presence. The projected revenue target by the end of 2025 was 200 million euros, with plans to expand into three markets. Countries like Italy, Germany, and the United Kingdom were on its radar for expansion.
Uría Menéndez Madrid’s office has advised Providence Equity Partner including Christian Hoedl (Partner, M&A-Private Equity), Clara Muñoz (Managing Associate, M&A-Private Equity), and Cristina Escalona (Senior Associate, M&A-Private Equity).
The Pinsent Masons corporate team has advised Viva Gym Group led by Francisco Aldavero Bernalte (Partner) with the assistance of Olimpia Ortega Mélida (Senior Associate) and Elena Ribelles Segura (Associate). The legal employment DD was also carried out by Samuel González (Partner), Beatriz Moriones (Associate), Alicia Piqueras (Associate), Alejandro Mas (Trainee), Marta Ibars (Associate), María Gutiérrez-Bolivar (Associate) and Pablo Lizarraga (Trainee).
