Allen & Overy (A&O) and Clifford Chance have won top roles on the initial public offering of the Gym Group, as it becomes the only listed gym company on the main market of the London Stock Exchange.
A&O bagged a new client in the form of the Gym Group and the selling shareholders, Phoenix Private Equity and Bridges Ventures. In the last few weeks, A&O has won several new clients as a result of equity capital markets work, including retirement housebuilder McCarthy & Stone and brick manufacturer Ibstock.
The magic circle team advising the Gym Group was led by corporate partner David Broadley, alongside US securities partner Adam Wells.
Meanwhile Clifford Chance worked with the global co-ordinators and bookrunners Numis Securities and Barclays.
Partner Simon Thomas led the team, while advice was also provided by US securities partner John Connolly.
The Gym Group is valued at approximately £250m and raised £125m from new investors to support its growth strategy. This includes plans to open between 15 to 20 gyms in total this year.
Background to the deal
This is the first time A&O has won a mandate from the Gym Group, with its majority stakeholder Phoenix Private Equity previously turning to Eversheds partner James Trevis for a series of deals involving the company.
Eversheds acted when Phoenix bought a majority position in the Gym Group from Addleshaw Goddard client Bridges Ventures in 2013, as it acquired a 55 per cent equity stake in the company.
As a result, Eversheds also represented the private equity firm on failed merger talks between the Gym Group and Pure Gym one year later.
While A&O won its first mandate from the Gym Group, Clifford Chance is a longstander adviser to Barclays. Partners Thomas and Connolly additionally acted for the bank earlier this year on the IPO of John Laing.