The deal enables the ASX lister to launch its Club Lime brand in the WA market
Gadens has guided Viva Leisure Limited on a strategic acquisition of five health clubs in WA that enables the ASX lister to launch its Club Lime brand in the local market.
The expansion of Viva Leisure’s presence in WA is expected to increase its membership base by about 10,000 members. The deal also involved a $16m capital raising via a fully underwritten institutional placement, which will fund the health club acquisition as well as other acquisitions.
This placement will also be applied towards the reimbursements of recent CAPEX, rebranding, working capital, and offer costs, in addition to other strategic initiatives. Moreover, the raise strengthens Viva Leisure's financial standing.
“The success of this capital raise is a testament to the market’s confidence in our growth strategy and future prospects. These strategic acquisitions not only enhance our national footprint but also provide significant opportunities for further growth and value creation”, Viva Leisure CEO and managing director Harry Konstantinou said.
Gadens partner Jeremy Smith spearheaded the firm’s team on this transaction, with support from senior associates Gary Lim and Robert Wilson as well as lawyer Daphne Chiang. Partner Jol Rogers advised on the ECM workstream.
Unified Capital Partners was the sole lead manager, bookrunner and underwriter for the placement.
