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Viva Leisure looks to raise new capital as it announces acquisition of 13 Fit n Fast clubs
Canberra-based Viva Leisure Limited has announced that it is to acquire 13 Fit n Fast Health Clubs at a cost of $13.5 million.
The strategic acquisition, in line with Viva Leisure’s stated growth strategy, will see the ASX-listed group expand with 10 clubs in NSW, two in Victoria and one in the ACT, gaining a minimum of 21,500 members.
The acquisition further expands Viva Leisure’s customers, products and geographic footprint into new territories via established locations with a loyal membership base and moves the group towards its overall membership targets.
With all 13 acquisition being profitable - while four additional Fit n Fast locations are not being acquired having failed to satisfy Viva Leisure’s strict acquisition guidelines, athough a statement from Viva Leisure advised that they may be "considered for future acquisition if their operating metrics change."
Fit n Fast was founded by Tony de Leede, the original Managing Director of Fitness First in Australia, and opened its first location in 2010 in the western Sydney community of Penrith.
With its original focus being that of a low cost, big-box model of health club it was a pioneer in the sub-$10 per week gym membership offering, quickly growing to multiple locations in the ACT, NSW, Queensland and Victoria - although growth was always primarily focused on NSW.
Commenting on the acquisition, Viva Leisure’s Chief Executive and Managing Director, Harry Konstantinou stated "the acquisition of Fit n Fast expands on and continues to cement Viva Leisure’s position as a leading and fast-growing health club owner and operator in the Australian market.
"FnF is a highly complementary business to Viva Leisure, and there are considerable back-office synergies available to capitalise on, as well as the ability to implement Viva Leisure’s unique hub-and-spoke model and bespoke information technology systems to further increase the performance of the FnF locations and business.”
Post the acquisition, Viva Leisure’s membership segmentation by state will reflect the continuing diversification and reduced reliance on the ACT membership since listing in June 2019.
In addition to the acquisition, Viva Leisure is also undertaking a fully underwritten equity raising via way of an institutional placement to professional and sophisticated investors to raise approximately $20 million.
Major shareholder, SHJA Management Pty Ltd (entities associated with Harry Konstantinou and Angelo Konstantinou) are not participating in the placement to provide flexibility to introduce new institutional shareholders to the Viva Leisure share register.
Article amended 14th December 2019. Originally line two referred to the acquistion including 12 Fit n Fast clubs in NSW.
28th August 2019 - Viva Leisure 2018/19 financial results exceed prospectus forecasts
8th August 2019 - Viva Leisure launches new app to offer keyless entry into clubs
8th June 2019 - Investors welcome Viva Leisure’s ASX listing
10th May 2019 - Viva Leisure lodges prospectus and application for ASX listing
15th May 2019 - Club Lime further expands ACT presence with Conder club opening
20th March 2019 - Club Lime announces acquisition of Goulburn health club Absolute Fitness
12th March 2018 - Club Lime to open four new facilities in 2018
19th November 2012 - Fit n Fast opens 17th club at former Fitness First Five Dock
16th November 2012 - Fit n Fast reveals Hugh Jackman’s backing
7th April 2010 - De Leede to launch Fit n Fast concept
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