RTPR has advised Enterprise Investors, one of the largest private equity funds in Central and Eastern Europe, and its portfolio company 18GYM in relation to its investment in Stay Fit Gym. The two fitness networks will continue to operate under a dual-brand platform with more than 120 clubs across the country and serving 130,000 members. The transaction is subject to customary regulatory approvals and is expected to close at the beginning of next year.
Following the completion of the transaction, Enterprise Investors will hold a significant minority stake in the combined business alongside the founders of 18GYM and Stay Fit Gym. The transaction will also mark the full exit of Morphosis Capital, an existing investor in Stay Fit Gym.
“This is a transformational transaction for 18GYM and an important milestone in our journey. A transaction of this scale and complexity, involving multiple workstreams, requires the right people around the table. I would like to thank Marina, Costin and the entire RTPR team for their professionalism, pragmatism and commitment throughout the process. We are now looking forward to the next chapter and to building, together with Stay Fit and Enterprise Investors, one of the strongest fitness platforms in the region”, said Vlad Ronea, Founder & CEO, 18GYM.
The project team was coordinated by Costin Taracila (Managing Partner) and Marina Fecheta-Giurgica (Counsel), who were closely assisted at every stage of the matter by Alexandru Adam (Managing Associate) and Tudor Cucu (Junior Associate). The due diligence team further included Iulian Maier (Senior Associate) and Oana Stan (Junior Associate). Marius Barbu (Senior Associate) advised in relation to management agreement matters. Roxana Ionescu (Partner) and Serban Halmagean (Managing Associate) provided assistance in relation to competition, merger control and foreign direct investment aspects of the transaction. The financing team was made of Alexandru Retevoescu (Partner) and Bianca Eremia (Senior Associate).
“Our relationship with Enterprise Investors spans many years and a broad range of mandates across both acquisitions and disposals. We sincerely appreciate their continued confidence in our team and are delighted to have advised them on this new strategic investment in Romania. This project is yet another example of our M&A team’s ability to support clients on the most complex, sophisticated and innovative deals in the market”, said Costin Taracila, Managing Partner of RTPR.
“We are honoured to have supported Enterprise Investors and 18GYM on a transaction that brings together two strong and complementary businesses to create one of Romania’s leading fitness platforms. The mandate required close coordination across several workstreams and a pragmatic approach to a sophisticated deal structure. We would like to congratulate the Enterprise Investors and 18GYM teams, as well as all parties involved on reaching this important milestone”, added Marina Fecheta-Giurgica, Counsel at RTPR.
Over the years, RTPR has supported Enterprise Investors on numerous high-profile transactions, including the sale of Profi supermarket chain to Mid Europa Partners, at the time the largest deal ever completed by a private equity fund in Romania and the largest deal in the retail sector in the country’s history, the acquisition of Noriel group and its subsequent sale to Sunman Group, the exits from Smartree Romania and Siveco Romania, the acquisition of Macon and Simcor, as well as the sale of Macon, the acquisition and subsequent sale of Artima, as well as its portfolio company PragmaGo on the acquisition of Omnicredit.
RTPR is widely recognised for its extensive experience advising private equity funds and their portfolio companies throughout the investment lifecycle. The law firm has been involved in many of the most notable private equity transactions in Romania, acting for clients on both buy-side and sell-side mandates. Its strong track record in complex and market-defining projects has been consistently acknowledged by leading international legal directories, including Chambers & Partners, Legal 500 and IFLR1000, which rank the firm’s Corporate/M&A practice on the first tier and recommend a number of its lawyers as Leading Lawyers or Rising Stars in this field.
Selected corporate/M&A deals in which RTPR have recently advised are set out below:
- Boldmind Capital Partners on the acquisition of Pallet Express S.R.L. from Delamode Group Limited, a portfolio company of BaltCap, the largest private equity fund manager in the Baltic states.
- Resource Partners, one of the largest CEE private equity funds, on the sale of its entire stake in Ia Bilet SRL, the well-known Romanian ticketing platform, to PLG Romania, part of AS Piletilevi PLG
- Viorel and Elena Tofan, the shareholders of Dinamic92 Distribution SRL, Romania’s leading independent tyre distributor, on the sale of the company to Nordic Tyre Group, one of Europe’s leading independent tyre wholesale and distribution platforms backed by Nordic private equity firm Axcel
- Provectus Capital Partners on the acquisition of a majority stake in Seatbelt Consulting, Romania’s market leading provider of occupational health and safety services
- Macquarie Asset Management (MAM) on the EUR700m sale of Evyro Group, owner of Distributie Energie Oltenia (DEO), a regulated electricity distribution network in Romania, to Premier Energy Group
- MidEuropa on the sale of Regina Maria Group to Mehiläinen in the largest ever healthcare services transaction in Central Europe
- MidEuropa on the sale of Cargus to courier company SAMEDAY, part of the eMAG group
- MidEuropa on the EUR1.3bn sale of Profi, in the largest transaction in the retail sector ever concluded in Romania
- Tenaris Silcotub on the acquisition of Artrom Steel Tubes, a European leader in the production of seamless steel pipes for industrial applications
EMSA Capital on the sale of its 100% shareholding in Aplast, a Romanian manufacturer of PVC windows and doors, to Ex
