23 Jul 2019
Martin Seibold named CEO of LifeFit Group as it confirms acquisition of Smile X
BY Tom Walker
Germany-based LifeFit Group has added regional operator Smile X to its growing portfolio of fitness brands.
Smile X, described as a “high-value-low-price” operator, currently has 17 clubs in the Saarpfalz (Saar-Palatinate) region of South West Germany – with a further five in its development pipeline. It offers members a wide selection of affordable training options, from traditional gym floors and personal training to group classes and vibration training.
Smile X will join LifeFit Group's five other brands – Fitness First Germany, Barry's Bootcamp, The Gym Society, elbgym and the fitness app NewMoove – in a growing portfolio of companies.
LifeFit Group, which is majority owned by Oaktree Capital, was set up earlier this year to acquire and operate a diverse selection of fitness operators in order to cater for different segments in the booming German market.
Long-time Fitness First executive Martin Seibold has been named CEO of LifeFit, which – following the Smile X deal – will operate nearly 90 clubs serving 275,000 members.
“The LifeFit Group has an enormous potential for growth and success," said Federico Alvarez-Demalde, senior VP at Oaktree Capital Management, manager of the funds with which LifeFit Group was founded.
"With the brands in our portfolio positioned across the growing market segments, we are in an excellent starting position to establish the LifeFit Group and turn it into the most relevant fitness and health platform in Germany."
Seibold said: “What we have already achieved in such a short time is incredible.
"The brands and their concepts are very different, which is why they complement each other to form a portfolio that can comprehensively serve the fitness market and offer each customer the right product.”
The acquisition of Smile X – for an undisclosed sum – will be financed through a €40m bond offer. The bonds, maturing in July 2023, will be listed on the Open Market of the Frankfurt Stock Exchange.
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