LifeFit Group successfully issues a EUR 40 million senior secured bond
LifeFit Group, a fitness and health platform in Germany and operator of the Fitness First, elbgym and Barry’s Bootcamp brands, has issued a EUR 40 million senior secured Nordic bond. Net proceeds will contribute to financing the acquisition of smile X, the leading regional fitness provider in the Saar-Palatinate region, for investments into existing Fitness First clubs as well as the Barry’s Bootcamp roll-out.
smile X is the leading regional fitness provider in the South West of Germany. The fitness brand stands out with its unbeatable high value for money offering. Members have access to an extensive selection of training options, qualified specialist trainers, licensed course instructors and many other experts to help them achieve their personal goals. With almost 40,000 members in 17 existing clubs and five more clubs in the opening and planning phase, LifeFit Group will now start to engage in the fast growing "high-value-low-price" market segment.
The bonds, maturing in July 2023, will carry a floating rate coupon of 3 month Euribor + 7.50 per cent p.a., with interest paid quarterly. The bonds will be governed by Swedish law and the Issuer has undertaken to list the bonds on the Open Market of the Frankfurt Stock Exchange shortly after the issue date and on a regulated market within 12 months of the issue date. To support the continued growth and development of the LifeFit Group, the bonds were issued within a framework of EUR 120 million. The bond issue was well received by the market and placed among Nordic, Continental European and US investors.
"The LifeFit Group has an enormous potential for growth and success. With five brands in our portfolio positioned across the growing market segments we are in an excellent starting position to establish the LifeFit Group and turn it into the most relevant fitness and health platform in Germany", says Federico Alvarez-Demalde, Senior Vice President at Oaktree Capital Management L.P., manager of the funds with which LifeFit Group was founded.
Martin Seibold, CEO of LifeFit Group, is also convinced of its success: "What we have already achieved in such a short time is incredible. The brands and their concepts are very different, which is why they complement each other to form a portfolio that can comprehensively serve the fitness market and offer each customer the right product."
Pareto Securities AB acted as Sole Bookrunner in connection with the bond issue. Marlborough Partners acted as financial advisor to the issuer and Gernandt & Danielsson Advokatbyrå acted as legal advisor
Source: LifeFit Group
Picture: LifeFit Group