Join our daily newsletter At The Bell to receive exclusive market insights
Viva Leisure Limited (ASX:VVA) has announced a strategic expansion into the Northern Territory market through the acquisition of iFitness 24/7, a prominent health club operator in the region.
“This expansion not only grows our network but also diversifies our geographical presence, bringing Viva’s exceptional service and community focus to a new membership audience,” Viva’s Managing Director and CEO Harry Konstantinou said.
“The addition of these locations to our portfolio is a testament to our team’s hard work and dedication to broadening our reach and impact.”
The acquisition of iFitness will introduce over 5,000 new members to Viva’s growing network, along with four new locations, expanding Viva’s portfolio to 173 corporate-owned locations across the country.
Under the rebranding as Club Lime, the newly acquired locations will further solidify Viva’s position as Australia’s largest non-franchised health club brand, with a total of 112 clubs under this flagship banner.
The acquisition, completed for $5.2 million in cash utilising existing financial facilities and cash reserves, is expected to generate $1.5 million in EBITDA and $4.4 million in revenue in the FY2025.
This strategic move aims to amplify VVA’s national presence and its standing as a key player in Australia’s health club industry.
VVA last traded at $1.46, at 12pm AET.
