Cuatrecasas has advised infrastructure fund Ancala Partners on its acquisition of the Iberian gym chain Supera from Portobello. With this transaction, Ancala strengthens its presence in Spain, where it has now completed its third investment following its acquisitions of Ence and Avinci, while establishing a position in a sector undergoing significant corporate consolidation.
Ancala's entry into the Iberian fitness market—its first investment in this segment—through a leading platform such as the Supera Group forms part of a growth strategy focused on organic expansion. This strategy is supported by Supera's planned rollout of new facilities and its expansion prospects in Italy, where it already operates fitness centres under a concession-based model.
The Cuatrecasas team advising on the transaction was led by Federico Roig, Sora Park, Carlota Tojo, and Ricardo Ramírez-Montesinos from the firm's Corporate/M&A practice, together with Enrique Carrera and Pablo López from the Competition practice.
Commenting on the transaction, Federico Roig said: “In consolidation transactions within the fitness sector, it is essential to anticipate the competition review before the Spanish National Markets and Competition Commission (CNMC), conduct thorough sector-specific due diligence on the network of fitness centres and their operating models, and carefully structure the transaction documentation to address the risks inherent in a concession-based business.”
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