UK impact investor Bridges Ventures has acquired a controlling stake in low-cost Spanish gym chain Viva Gym from Magenta Partners for £11 million (€15.5 million; $16.5 million), Private Healthcare Investor reports.
The secondary buyout is Bridges’ first deal outside the UK and marks a return to the low-cost gym space for the investor, two years after it sold its majority stake in the now London Stock Exchange-listed The Gym Group to Phoenix Equity Partners.
“We have seen with The Gym Group that this kind of business can achieve significant commercial success. We believe Viva is very well placed to do the same by tapping into the growing low-cost market in Spain,” Bridges co-founder and managing director Philip Newborough said in a statement. Newborough is also an advisor to Magenta Partners, which is retaining a minority stake.
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