Oaktree Funds acquire a stake in elbgym – GvW Graf von Westphalen acts for the owner of the Hamburg fitness studio in this deal

Funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have acquired three “elbgym” branded fitness centers in Hamburg through its German portfolio company Fitness First Germany Holdings GmbH (“Fitness First”).

The owner of elbgym, Wilhelm Schröter, has gained the strong partner it desired with Fitness First also securing its strategic growth in the process. Upon acquiring the stake, Fitness First has in exchange achieved a further milestone in the expansion of its premium segment. The parties have agreed to maintain confidentiality about the economic parameters of the transaction.  The owner Wilhelm Schröter opened the first elbgym fitness studio at the Gorch-Fock-Wall in Hamburg in February 2012. In the meantime, elbgym has two additional "5 star" studios in the heart of Hamburg, in Eppendorf and on the Alster. elbgym focuses on genuine, honest training in a high class ambience. In addition to intensive power training or endurance training, courses such as boxing, functional training or yoga attract large followings. CrossFit boxing and the open gym are also very popular among members.

Fitness First has more than 70 clubs, approximately 4,300 employees, around 270,000 members and is one of the leading fitness and health service providers in Germany. As a subsidiary of the British Fitness Frist Group, the company is also part of the world's largest fitness studio operator with more than 380 clubs in 16 countries.

GvW advised elbgym in this transaction with a team from various offices consisting of Dr. Kurt Luka (Hamburg, lead partner), Dr. Marco Zessel (Frankfurt am Main), Dr. Ritesh Rajani (Hamburg, both M&A), Dr. Patrick Wolff (financing), Moritz Koch (construction and landlord-tenant law, Hamburg) and Dr. Malte Evers (employment law, Hamburg).

You can find out more about elbgym here in our short film.

Ritesh, Dr LL.M. Rajani

Dr Ritesh Rajani, LL.M.

Partner

Kurt, Dr LL.M. Luka

Dr Kurt Luka, LL.M.

Partner

Marco, Dr LL.M. Zessel

Dr Marco Zessel, LL.M.

Partner

Moritz Koch

Moritz Koch

Patrick, Dr Wolff

Dr Patrick Wolff

Partner


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