P+P advises Oaktree Funds on acquisition of elbgym fitness centers in Hamburg
Funds managed by Oaktree Capital Management, L.P. ("Oaktree") have acquired three "elbgym" branded fitness centers in Hamburg through their German portfolio company Fitness First Germany Holdings GmbH ("Fitness First").
Oaktree is a leader among global investment firms specializing in alternative investments, with roughly US $124bn in assets under management as of September 30, 2018.
Fitness First Germany is the leading high quality fitness service provider in Germany and operates around 70 fitness clubs with 235,000 members and approx. 4,000 employees.
elbgym owns three first-rate fitness centers in Hamburg: at Gorch-Fock-Wall, in Eppendorf and on the Alster. A fourth opening is planned in early summer of 2019. elbgym is primarily known for intensive strength and endurance training with a strong community-focus and a special architectural ambiance.
With the acquisition of elbgym, Fitness First has secured a further milestone in the expansion of its premium segment.
P+P Pöllath + Partners advised Oaktree on all legal matters with the following team:
- Dr. Frank Thiäner (partner, lead, M&A/private equity, Munich)
- Dr. Matthias Werner (counsel, real estate transactions, Berlin)
- Dr. Tim Junginger (senior associate, M&A/private equity, Munich)
- Dr. Jesko von Mirbach (associate, M&A/private equity, Munich)
