Ellex assisted a Baltic-based sports club chain My Fitness AS with the acquisition of VS Fitness

Lithuania’s 24/7 sports club network Gym Plius has recently expanded its footprint by acquiring VS Fitness. Gym Plius is owned by Estonian My Fitness AS, which is the largest provider of sports club services across the Baltic region.

Prior to this acquisition, Gym Plius had a presence in 5 Lithuania’s major cities with a total of 16 sports clubs, while VS Fitness contributed eight facilities across Kaunas, Klaipėda, Šiauliai, Panevėžys, Alytus, Marijampolė and Mažeikiai.

This strategic move has led to a united network under Gym Plius, encompassing 100,000 members and approximately 370 trainers across Lithuania. Post-acquisition, the expanded My Fitness network totals 68 clubs with a community exceeding 200,000 members and a workforce surpassing 1,000 employees across Lithuania, Latvia, and Estonia.

Ellex Valiunas advised Gym Plius on all aspects of the transaction, including legal due diligence, structuring the deal, preparing the share purchase agreement, and all related documents, as well as negotiations.

The transaction team was led by partner Žilvinas Zinkevičius, with significant support from associate lawyer Augustinas Mačionis and associate Aušra Abraitytė-Gedminė. Additionally, associate partner Šarūnas Neniškis, associate lawyers Ignas Sidaras and Kamilė Skrupskytė, also associates Ieva Badikonytė, Ema Kontaraitė, Ainis Augustas Petrulis, as well as legal assistants Domantas Juodikis, and Martynas Šeškus contributed to the legal due diligence of the acquired company.

This marks the second significant transaction in this sector in recent years. In 2020 Gym Plius founding shareholders, represented by Ellex Valiunas, sold the company to My Fitness AS.