Gym Plius, Lithuania's largest 24/7 fitness club chain, has acquired VS Fitness, the third largest player in the market. From the latter, it bought 8 gyms. AVERUS associate partner, attorney-at-law Lina Taletavičiūtė-Misiūnienė represented the sellers. The buyer was represented by Ellex Valiunas. The transaction was financed by Estonian investment bank LHV and audited by Deloitte Lietuva. The parties agreed not to disclose further details of the transaction.

Before the merger, Gym Plius operated 16 24/7 fitness clubs in Lithuania and VS Fitness - 8 fitness clubs.

"We represented the sellers during the negotiations, the agreement and throughout the sale process. We are pleased that the acquisition was completed successfully and smoothly," said Lina Taletavičiūte-Misiūnienė, AVERUS Associate Partner, who advised sellers on the project.

"Arūnas Šuika and Renata Šuikienė, the owners of VS Fitness, were pleased with the transaction and prospects.

"There could not be a better buyer and partner that would bring more value and ensure a better future for the company," the owners of VS Fitness said.

According to Mantas Badikonis, Director of Gym Plius, VS Fitness is a fitness club with a long experience in 24/7 operations, providing a high level of services throughout Lithuania, so it will not be difficult to transfer the standards of Gym Plius here. VS Fitness has been operating in Kaunas, Klaipėda, Šiauliai, Alytus, Marijampolė and Mažeikiai.

Gym Plius is owned by Estonia-based My Fitness AS, the largest provider of fitness club services in the Baltic States.