Viva Leisure follows ASX listing with acquisition of Fitness 24/7 clubs

Following its recent listing on the Australian Stock Exchange, which saw it raise $20 million for expansion, Canberra-based Viva Leisure has completed the acquisition of regional gym chain Fitness 24/7.

As part of the deal, worth $3.75 million, Viva Leisure acquired the three Fitness 24/7 clubs in Albury, NSW and Wodonga – the latter club become the company’s first location in Victoria.

With the addition of these three clubs, which will be rebranded to Club Lime, in line with the company’s previous acquisitions, Viva Leisure added 3,500 members to its base.

In addition, all the key staff members at the three clubs have accepted positions to transfer to Viva Leisure.

As per a market update, the company has now started the conversion of the clubs including the deployment of its bespoke member management systems, in addition to online joining portal, self-service member portal, staff member management portal, and fully automated front-end and back-end systems.

Commenting on the acquisition completion, Viva Leisure Chief Executive and Managing Director, Harry Konstantinou stated that the previous owner of the Fitness 24/7 business developed a successful chain of clubs in the region and established a great team.

Backed by its new funds, Viva Leisure is set to open new greenfield locations under various phases and anticipates its operational location portfolio to reach approximately 50 clubs within a time period of the next 12 to 15 months.

With a goal to be the leader in the fitness as well as aquatic facility market in the country, Viva Leisure plans to focus on organic growth as well as acquisitions, as it would help it in boosting its geographical reach.

Having become the first dedicated listed fitness facility health club operator listed on the ASX, the listing was a major milestone for the company as well as for the industry, enabling it to introduce the fitness and recreation industry as a lucrative opportunity for investors. With a goal to be the leader in the fitness as well as aquatic facility market in the country, Viva Leisure plans to focus on organic growth as well as acquisitions, as it would help it in boosting its geographical reach.