- Technology-focused health club owner Viva Leisure (VVA) has completed the acquisition of six Pinnacle health clubs
- The acquisition was expected to be completed on or before March 10, however, due to the satisfaction of conditions, it was completed earlier
- Now the acquisition is complete, Viva Leisure’s presence in Victoria has increased to 14 locations and around 6500 members have been added
- Viva Leisure now has 101 operating locations and it has seen membership grow 15 per cent over the past three months to over 115,000
- On market close, shares in Viva Leisure are up 8.3 per cent and are trading at $3
Technology-focused health club owner Viva Leisure (VVA) has completed the acquisition of six Pinnacle health clubs.
In mid-January, the company announced it would be purchasing six Pinnacle health clubs in Victoria for up to $6.25 million.
Originally, the acquisition was expected to be completed on or before March 10, however, due to the satisfaction of conditions, it was able to be completed earlier.
Now the acquisition is complete, Viva Leisure’s presence in Victoria has almost doubled from eight to 14 locations. Additionally, another 6500 members have been added to the register.
“We are pleased to have completed the acquisition of the Pinnacle clubs, a high-quality and complementary business to the Viva Brands,” CEO and Managing Director Harry Konstantinou said.
“The transaction will significantly expand our reach and penetration throughout the Melbourne suburban-metro market,” he added.
Viva Leisure now has 101 operating locations and it has seen membership grow 15 per cent over the past three months to over 115,000.
Its Plus Fitness franchise has also grown with membership at 178,500 and 198 locations.
Viva Leisure will provide more details regarding its membership and locations in its 1H FY21 which is expected to be released on February 25.
On market close, shares in Viva Leisure are up 8.3 per cent and are trading at $3 in a $245.8 million market cap.