Light AcquiCo GmbH, an entity indirectly held by investment funds advised by Waterland Private Equity Investments ("Waterland"), has entered into the acquisition financing to acquire the LifeFit Group, thereby completing the acquisition. LifeFit Group is a leading fitness and health platform in Germany, uniting several fitness brands such as FitnessFirst, Elbgym, Barry's and Club Pilates under one roof. With Waterland as the new owner, the LifeFit Group intends to continue and accelerate its buy-and-build growth strategy.


The acquisition financing consists of various instruments: The acquisition financing consists of various instruments: senior secured bonds with a nominal amount of EUR 140 million and super senior credit facilities in an aggregate amount of EUR 20 million with Oldenburgische Landesbank as mandated lead arranger and lender.


The bond issue with Pareto Securities as sole bookrunner encountered a strong demand from a broad base of Scandinavian and international institutional investors and was significantly oversubscribed, so that the original target volume of EUR 120 million was increased by EUR 20 million. The terms and conditions provide for a framework for further bond issues up to a maximum nominal amount of EUR 300,000,000. The credit facilities agreement also includes the option to implement additional credit lines.


Hengeler Mueller advised Waterland on the acquisition financing.

 

Hengeler Mueller team for Waterland


Finance: Henning Hilke (partner, lead), Tobias Chowdhury, Pascal Brandt (both senior associates), Antonius Rodewig, Karsten Staupe (all Frankfurt), Mathias Menzel (London, all associates).