Legal & General Ventures ("LGV") announces its acquisition of Total Fitness, an operator of 21 health and fitness centres located mainly in the North West of England, for an undisclosed amount.
Total Fitness offers a wide range of services to its members through large purpose built centres, which typically incorporate a large gymnasium, exercise studios, a range of four swimming pools and spa facilities. In addition, several centres include 200m 4-lane indoor running tracks. It services the consumer market as well as providing much needed resources for clinical purposes.
Total Fitness operates two of the largest health and fitness sites in Europe both of which extend to well over 100,000 sq. ft. The business has a total membership in excess of 150,000 and has opened two units in the Manchester area in the past few months.
LGV is backing the current management team, led by Managing Director, Robin Johnson and Finance Director John Peers. Hawkpoint advised LGV on its acquisition of Total Fitness.
The company’s existing bankers, Barclays, have agreed to provide appropriate facilities to fund the acquisition and will provide support for the future development of the business.
Commenting on the investment, Ivan Heywood, Managing Director at LGV, said:
"We are delighted to be backing Total Fitness’ management through the next stage of its development. Total Fitness has a unique offering in the health & fitness sector and we are keen to continue the successful roll out of its facilities, providing its members with extensive facilities at great value."
Commenting on the acquisition, Robin Johnson, Managing Director of Total Fitness said:
"We are very pleased to welcome LGV as new shareholders of Total Fitness and we believe, with its support and resources, Total Fitness can carry on growing and developing its "value for money" concept. We are confident that the business will continue to thrive under its new ownership and that the benefits will be felt by all of our members and staff."
Total Fitness continues LGV’s focus on its core areas of sector expertise. In the leisure sector, LGV’s existing investments include Vue cinemas, Moliflor casinos and Clubhaus. Successful former investments include Bourne Leisure, the caravan parks operator and the Unique Pub Company.
