Bird & Bird's French corporate team has advised L’Appart Fitness in its refinancing and subsequent acquisition of Nextalis, a pioneer of the French fitness business operating under brands such as Amazonia, Gigagym and Wideclub.
The financing of the acquisition was provided by Amundi Private Equity Funds and a debt financing provided by LCL and Crédit Agricole Sud-Rhône-Alpes.
Following the acquisition, the new group comprises of 120 gyms, with an expected turnover of € 60- € 80 million this year,ranking it among the top players in France.
Patrick Mazerot, the president and founder of L’Appart Fitness, keeps the majority of the group’s equity and allowed some of the group’s employees to take a minority stake as an incentive. L’Appart Fitness will continue to build and expand its market share.
Partner David Malcoiffe (Bird & Bird, Corporate Lyon) led the Bird & Bird team, which included Lionel Berthelet (Counsel, Lyon), Pierre Guigue (Associate, Lyon), Joana Piperno (Associate, Lyon) and Marine Besson (Associate, Lyon).