My Fitness AS acquires 100% of Gym Plius UAB, the second largest fitness chain in Lithuania
My Fitness AS acquires 100% of Gym Plius UAB, the second largest fitness chain in Lithuania.
MyFitness has acquired 100% of Gym Plius UAB from its shareholders Airidas Kondratas and INVEFINA UAB. Gym+ is the second largest fitness operator in Lithuania. Gym+ operates a total of 10 clubs in Lithuania – 6 clubs in Vilnius, 3 in Kaunas and 1 in Panevėžys.
Erkki Torn, CEO of MyFitness, says, “We have been following Gym+ development for a couple of years. We are very pleased to welcome Gym+ to our family and are excited to continue our growth strategy in Lithuania together. We expect to open at least 7 new clubs in the Baltics during the next 12 months. Our mission is to improve the standards, to bring in the latest trends, promote fitness and motivate more people to live a healthy lifestyle. Now we can do it together in an even larger scale throughout the Baltics. “
After the acquisition MyFitness will have 47 clubs and over 100 000 members across the Baltics.
“Gym+ has built a very attractive value-for-money concept and demonstrated impressive growth. Gym+ will continue operations in Lithuania with its current concept, brand and its existing dedicated and talented team. However, we aim at combining all the experience and know-how in our group in order to deliver a constantly improved experience to our customers and grow even faster,” says Erkki Torn.
According to Erkki Torn, MyFitness is a strong market leader in Estonia and Latvia. MyFitness entered the Lithuanian market a year ago when the first club was opened in Vilnius. “Through the acquisition of Gym+ and its 10 clubs, MyFitness is now establishing a serious foothold also in Lithuania and becomes an undisputed market leader in the Baltic region,” Torn said.
Airidas Kondratas, Founder & CEO of Gym Plius UAB, said that after growing so rapidly it is very rewarding to see Gym+ becoming a part of the strongest fitness operator in the Baltic. “We are very excited about the transaction and the future prospects as MyFitness, being a regional market leader, will definitely bring a lot of additional knowledge to our operations,” Kondratas said, adding that there could not have been a more excellent buyer and partner who would bring more value and better security to the Company’s future.
According to Indrek Nuume, Head of Corporate Banking in LHV, the transaction marks a good example of entrepreneurship. “As we know very well in Estonia, MyFitness has set an example in inspiring people by the thousands to live healthier and more active lifestyles. In doing so, MyFitness has shown ambition and skill to expand its quality gym-network in Estonia. I am glad we can bring this experience to Lithuania and expand the success to wellness enthusiasts in the Baltics,” Indrek Nuume commented.
The transaction was financed by LHV Bank. The buyer was advised by Motieka & Audzevičius and the sellers were advised by SUMMA Advisers and Ellex Valiunas.
The Parties have agreed not to disclose the terms of the transaction.
My Fitness AS started operating in 2008. MyFitness has a total of 47 fitness clubs under 3 different brands in the Baltics: MyFitness, Gym! and Gym+. My Fitness AS 2019 consolidated revenue was 26.5 million euros and the revenue forecast for 2020 is over 36 million euros. The Company has a dedicated team of over 900 people.