Providence Equity Partners, a notable private equity firm focusing on growth investments within media, communications, education, and technology, has announced its agreement to acquire VivaGym Group, a premier affordable gym operator in the Iberian Peninsula, from Bridges Fund Management. The latter’s investment strategy is deeply rooted in promoting sustainable and impactful business advancements. This acquisition, whose financial details remain undisclosed, aims to support VivaGym’s strategic growth plan particularly in Spain and Portugal. VivaGym boasts over 104 gyms and maintains an impressive membership base exceeding 315,000 across both countries. Since Bridges’ initial investment in VivaGym back in 2015, the gym chain has experienced substantial growth, expanding from a mere 15 gyms to over a hundred. This expansion was achieved through astute operational streamlining, strategic acquisitions including Fitness Hut, and the establishment of a stellar management team. Post-acquisition, VivaGym will continue to be led by its current CEO, Juan del Ro Nieto, and the management team, alongside Providence and Ares Management Corporation—the group’s primary lender. The alignment of VivaGym’s growth objectives with Providence’s expertise in the leisure industry and its significant experience in Spain sets the stage for a promising collaboration and further expansion. Parties involved in advisory roles include Roland Berger, PwC, CBRE, and various law firms for Providence, with Canaccord Genuity leading for Bridges. The completion of this transaction is contingent upon regulatory approvals with a projected closing by the end of Q2 2024.

Private Equity, Fitness & Recreational Sports Centers, Impact Investing,Spain and Portugal, Europe, United Kingdom

https://www.provequity.com/news/providence-agrees-acquire-vivagym-bridges