SRS Legal advises Bridges Fund Management on the sale of Fitness Hut gyms

SRS Legal provided legal advice to Bridges Fund Management in the sale of the VivaGym Group, owner of the Fitness Hut gyms, to Providence Equity Partners.

The SRS Legal team was led by Nuno Miguel Prata (Partner) and had the participation of Andreia Rodrigues Lopes (Associate), as well as a multidisciplinary team (Labor, Real Estate and Cybersecurity and Data Protection) in carrying out the vendors due diligence and in the preparation of transaction documents. The value of the transaction was not disclosed.

In this operation, gyms in Spain were also sold – under the name Viva Gym – which implied coordination with other jurisdictions, namely Spain and the United Kingdom. The agreement is subject to customary and regulatory conditions. The operation is expected to be completed before the end of the second quarter of 2024.

James Hurrell, Partner at Bridges Fund Management, states in a press release that “it has been extremely rewarding to see VivaGym grow from just 15 gyms when we invested to over 100 today.” “During this time, the company has expanded access to high-quality fitness facilities and contributed to improving the health of hundreds of thousands of people. We believe VivaGym has built one of the best platforms in the industry. Under the inspiring leadership of Juan del Río Nieto, we have no doubt that VivaGym will grow in the coming years and will continue to achieve its ambitious goals”, explains the Partner at Bridges Fund Management.

Bridges Fund Management is a management company for a sustainability and impact investment fund.

The VivaGym group manages 104 gyms with more than 315 thousand members in Portugal and Spain.

Providence Equity Partners, a venture capital fund manager specializing in investments in the media, communications, education and technology sectors, has experience in partnerships with companies in the leisure sector and adjacent industries across Europe.