Our Corporate and M&A team represented MyFitness, the largest sports and fitness club operator in Estonia, on cross-border acquisition of Lithuania-based company Gym Plius.
Recently, in 2018, our client entered the Lithuanian market by opening its first club in Vilnius. Acquisition of Gym Plius (the second-largest player in the Lithuanian market) expands our client’s portfolio to additional 10 clubs in Lithuania. With this transaction, MyFitness has strengthened its position as the leading sports and fitness club operator in the Baltics. As of today, MyFitness has 47 clubs operating under “MyFitness”, “Gym!” and “Gym+” brands in the Baltic States and gathers more than one hundred thousand members.
Our lawyers participated in this acquisition from its initial steps and advised the client on transaction documentation, due diligence, as well as represented MyFitness in negotiations with the selling side and managed to facilitate this acquisition being completed within tight deadlines.
Erkki Torn, the board member of MyFitness, revealed that newly formed group plans to open additional 7 clubs within a period of following 12 months in the Baltics regions. Emphasis will be put off raising higher standards, applying the newest trends and technologies and foster increase of the number of people engaging in sports activities, resulting in a healthier lifestyle.