Averus has advised sellers Arunas Suika and Renata Suikiene on their sale of VS Fitness – operating eight fitness clubs in Lithuania – to Gym Plius. Ellex Valiunas reportedly advised the buyer. Estonian investment bank LHV financed the transaction.
Financial details were not disclosed. According to Averus, before the merger, "Gym Plius operated 16 24/7 fitness clubs in Lithuania and VS Fitness [operated] 8 fitness clubs."
"There could not be a better buyer and partner that would bring more value and ensure a better future for the company," the sellers of VS Fitness commented.
"VS Fitness is a fitness club with a long experience in 24/7 operations, providing a high level of services throughout Lithuania, so it will not be difficult to transfer the standards of Gym Plius here," Gym Plius Director Mantas Badikonis commented. "VS Fitness has been operating in Kaunas, Klaipeda, Siauliai, Alytus, Marijampole, and Mazeikiai."
Gym Plius is reportedly Lithuania's largest 24/7 fitness club chain and is owned by Estonia-based My Fitness AS, a provider of fitness club services in the Baltic States.
The Averus team was led by Associate Partner Lina Taletaviciute-Misiuniene.
