Benefit Systems acquires Total Fitness

The listed Polish sports offer aggregator and fitness facility operator Benefit Systems today acquired the fitness chain Total Fitness with its 14 facilities. The purchase price is between PLNm 75 and 85 (EURm 16 to 19), depending on the results of the next two years. This means that Benefit already has 170 of its own facilities in its network and the already comparatively advanced consolidation of the Polish market has been strengthened even further.

Today, Management Board of Benefit Systems S.A. concluded an agreement with the shareholders of Total Fitness Sp. z o.o. for the sale of shares in the company. On the date of the Agreement, Benefit acquired 4,603 shares, representing 88.23% of the share capital of the Company and it will acquire additional 614 shares, representing 11.77% of the share capital of the Company, after the purchase price of these shares is settled.

The selling price of the Company's shares is between PLNm 75 and 85, and its final amount depends on the Company's EBITDA and the Company's net debt for 2022 or 2023, calculated in accordance with the provisions of the Agreement. The Company's EBITDA for 2022 or 2023 entitling to obtain the selling price of the Company's shares above the minimum price is PLNm 9.375 (ca. 2 EURm).

Total Fitness operates 14 fitness clubs located in the most important districts of Warsaw, Piaseczno, Pruszków, Gdańsk and Radom. In 2020, the above-mentioned fitness clubs generated revenues of PLNm 21.9 (ca. 4.75 EURm) and normalized EBITDA of PLNm 3.7 (ca. 0.8 EURm). Established in 2000, Benefit System operates a multisport programme with more than 4,500 sports and recreation facilities and over 1,000,000 users today. In addition, the company owns in the meantime almost 170 clubs over a range of gym brands such as Zdrofit, Fabryka Formy or fitfabric and since today also Total Fitness.

Source: Benefit Systems
Picture: Total Fitness

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