LONDON – LAWFUEL – UK Law and Business News – Allen & Overy has advised Virgin Active, the health and fitness group, on its agreement to acquire Holmes Place’s UK business in a transaction which values the enlarged group at £650 million. Completion is subject to approval by the OFT.
The completed deal will create one of the UK’s most significant health and fitness operations, with a total of 165 health and fitness clubs in the UK, Italy, Spain and South Africa; Virgin Group will have a majority stake in the enlarged Virgin Active.
The Allen & Overy team is led by Corporate partners Helen Harrison-Hall and Andrew Ballheimer, assisted by associates Edward Barnett, Simons Toms, Karen Hendy and Kenneth Okumura, and also includes Banking partner Jonathan Bevan, assisted by associates Yasmine Bassili and Anna Lawrence, Anti-trust partner Alistair Lindsay, assisted by associates Andrew Hockley and Peter Harper, and Real estate partner Adam Cleal, assisted by associate Jonathan Wolinsky.
Commenting Helen Harrison-Hall said: “We are delighted to be advising Virgin Active on this acquisition to expand one of the most exciting health and fitness operations in the UK.”
New Boathouse Capital provided corporate finance advice to Virgin Active, with Close Brothers providing debt finance advice and KPMG providing accounting advice.