Aspria, a luxury health and wellness group with clubs in Brussels, Berlin, Hamburg, Hanover and Milan, has been bought by British luxury gym chain David Lloyd. The transaction was advised on by Carlsquare, OC&C Strategy Consultants, FTI Consulting and EY.
Founded in 2000, Aspria is a mid-sized provider of premium health, fitness and wellbeing services across Europe. Through its ten clubs in five cities, the company serves approximately 51,000 members.
Aspria’s clubs are positioned at the very top end of the market. In Brussels, for example, its venues are particularly popular among the capital’s lobbyists, politicians and policymakers. Founder Brian Morris has noted that the club has welcomed “pretty much every prime minister since the time we opened”.
This positioning reflects the group’s broader proposition: Aspria is not just a health and wellness provider, but also a lifestyle and social hub, offering members a space for networking alongside fitness, spa and hospitality services.
The deal
Late February, Aspria confirmed it had accepted an offer from David Lloyd, one of the UK’s largest premium gym operators, with more than 100 venues. The acquisition expands David Lloyd’s growing presence in mainland Europe to over 40 clubs.
Glenn Earlam, Executive Chairman at David Lloyd, said the transaction brings together two complementary businesses with a shared ambition to deliver exceptional member experiences.
“We are really pleased to welcome Aspria and its members to David Lloyd. Aspria is a business that we have admired for many years, and a team that shares our values and ambition to provide members with world-leading health and wellness facilities. Europe is a big opportunity for us and we see this acquisition as an important step forward in growing our business across the continent.”
The M&A advisers
Several weeks after the deal’s announcement, the M&A advisers that helped close the transaction have now been confirmed. Carlsquare, a German investment bank, acted as exclusive financial adviser to Aspria and its shareholders.
OC&C Strategy Consultants provided strategic and commercial vendor due diligence, supporting Aspria’s shareholders with insights into market dynamics, competitive positioning and future growth opportunities. The analysis highlighted the strength of Aspria’s portfolio and proposition, as well as its strategic fit within the broader European leisure landscape. The OC&C team was led by Jan Bergmann, Tim Cook, Mohsin Saleh and Caroline Haak.
FTI Consulting delivered financial due diligence for Aspria, with a team led by Senior Managing Directors Manish Shah and Alistair Mackenzie. The analysis provided the buyer with comfort on Aspria’s financial performance, quality of earnings and underlying business risks ahead of the transaction.
EY provided tax advisory services on the transaction, with a team led by Tatjana Beuth-Duchscherer and Olga Simon.
Business as usual
In a memo to employees and members, chief executive Brian Morris said the acquisition would not impact the company’s offering or its commitment to members.
“We have signed an agreement with David Lloyd that will result in a change of ownership, subject to regulatory approval and completion of the transaction,” he wrote. “I am confident that David Lloyd shares our commitment to quality, long-term thinking and putting members first.”
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