LONDON, MÁLAGA, AND LISBON – 21 JUNE 2024 – Providence Equity Partners (“Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, today announced it has completed its acquisition of VivaGym Group (“VivaGym”) from Bridges Fund Management. The transaction was first announced on 29 April 2024.
VivaGym is a leading Iberian operator of affordable gyms. The company will now have access to Providence’s support as it executes its growth strategy focused on expansion across the Iberian Peninsula. VivaGym’s management will remain with the business under the leadership of Juan del Río Nieto as CEO. Ares Management Corporation continues to support VivaGym as a primary lender.
Juan del Río Nieto, CEO of VivaGym, said: The partnership with Providence will provide VivaGym with additional resources to expand our network of gyms, invest in innovation, and continuously improve our members’ experience. We are confident that this support will enable the group to solidify its leadership position in the fitness market.”
Robert Sudo, Managing Director of Providence, commented: “We are delighted to complete this transaction and look forward to working closely with Juan and his team as they accelerate their ambitious growth plans. Our deep experience of investing in Spain, together with our expertise in tech-enabled consumer businesses, positions us well to help VivaGym enter its next phase of growth.”
Providence was advised by Roland Berger, PwC, CBRE, West Monroe, Uría Menendez and Allen & Overy.
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ABOUT PROVIDENCE
Providence Equity Partners is a specialist private equity investment firm focused on growth-oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $36 billion across more than 175 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.
ABOUT VIVAGYM
VivaGym Group is a leading operator of affordable gyms in Iberia, with a footprint spanning Lisbon, Barcelona, Madrid, Valencia, Porto, Zaragoza and Bilbao. With over 1,000 employees and over 150,000m2 in facilities, the company offers its members a differentiated value proposition combining quality facilities and service with affordable prices. The ethos of VivaGym Group is a combination of team action and a strong determination to deliver results and expand the base from the current platform. For more information, please visit https://vivagym.es and https://fitnesshut.pt.
