Media statement - Addleshaw Goddard's private equity team has advised Bridges Ventures on the sale of its majority position in The Gym Group to Phoenix Equity Partners. Phoenix has acquired a majority stake in the business whilst Bridges Ventures, an investor in The Gym since 2007, will retain a 25%/minority shareholding, enabling its investors to continue to benefit from future growth in the business.

The Addleshaw Goddard team was led by London private equity partner Mike Hinchliffe, and included tax partner Elaine Gwilt and associates Marc Field and Zulon Begum.

Commenting on the deal, Mike Hinchliffe said: "This transaction is an exciting milestone for The Gym and its shareholders. The low-cost fitness market is expanding at a tremendous pace, with consumers increasingly seeking affordable access to high quality gyms. This deal will ensure the business is able to fully leverage the opportunities in that market."

The Gym pioneered the concept of 24/7 state of the art, low cost gyms in the UK with its first gym opening in 2008. The business, with capital and guidance from Bridges Ventures, has grown impressively since then, and currently has over 200,000 members and 36 gyms located across the UK.

Addleshaw Goddard's private equity team is made up of nine partners, one legal director and 35 other fee earners. It is one of the largest UK teams in the mid market buy-out sector. Its client portfolio includes: 3i, Dunedin, ECI, Graphite, Gresham, Inflexion, ISIS, LDC and Phoenix.

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