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BDO advises the shareholders of smile X fitness group on the sale of a majority stake to LifeFit Group, a portfolio company of Oaktree Capital Management (UK) LLP

07 October 2019

BDO advised smile X, the leading fitness chain in southwest Germany, on the sale of its 18 fitness clubs. With the entry of Germany's leading LifeFit Group into the premium fitness sector backed by the financial investor Oaktree Capital Management, smile X gains a strong, experienced partner for the further implementation of its dynamic growth strategy.

A BDO team under the leadership of Dietmar Flügel (BDO, M&A, Düsseldorf) and Dr. Henrik Meyer (BDO, International Tax, Frankfurt) advised the shareholders of smile X group on the sale of a majority shareholding to LifeFit Group a company ultimately controlled by UK private equity investor Oaktree Capital Management.

Since its foundation in 2007, smile X has developed under the leadership of the founding shareholders Christian Müller, Bernd Köninger, Sonja und Ralf Sattler into the market-leading provider of individual fitness concepts in Southwest Germany, through consistent orientation towards the needs of its customers and considering the latest findings in fitness. With its current 18 fitness clubs including five other clubs in the planning and implementation stages and around 40,000 members, smile X will further expand its position in the fast growing “high-value low-price” market segment.

LifeFit Group is the leading fitness provider in Germany within the high-end segment and combines six successful fitness brands from the boutique, „high-value-low-price” and premium segments: Fitness First, ELBGYM, Barry’s Bootcamp, smile X, The Gym Society, and fitness app NewMoove. LifeFit Group is committed to inspiring and supporting its customers to enhance their personal well-being through personal, fun and focused health and itness experiences.

Oaktree Capital Management is a global investment company headquartered in Los Angeles with offices and subsidiaries in New York, London, Hongkong, Amsterdam, Stamford, Frankfurt on the Main, Luxembourg, Paris, Beijing, Seoul, Shanghai, Singapore and Tokyo. Oaktree Capital Management has invested around $120 billion in loans, private equity, real estate and listed companies, making it one of the world's leading financial investors.

BDO AG Wirtschaftsprüfungsgesellschaft's team acted as M&A and transaction tax advisor.