Viva Leisure Reveals the Acquisition of Australian Fitness Management, Stock up 4%

  • Jul 22, 2020 AEST
  • Team Kalkine

Leading technology-focused Australian health club owner, Viva Leisure Limited (ASX:VVA) revealed it has executed a binding sale and purchase agreement for 100% of the issued share capital in Australian Fitness Management (AFM).

The Company disclosed an upfront consideration of A$18.0 million, with an up to A$2.0 million deferred earnout component, subject to achieving KPIs.

AFM is Master Franchisor of Plus Fitness that comprises 197 franchised locations, with ~175,000 combined members and revenues in surplus of A$100 million.

AFM acquisition offers multiple strategic opportunities under the ownership of Viva Leisure.

Post announcement VVA quoted at A$2.550 up by 8.974% at AEST 12:21 PM.

 


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