Virgin Active secures multinational refinancing deal

By Tom Lodewyke|05 July 2017

The health club chain has closed a refinancing deal with a multinational banking syndicate.

Firms: Hogan Lovells (banking syndicate); Allen & Overy (Virgin Active group)

Deal: The Virgin Active group reached a refinancing deal with an international banking syndicate.

Value: Undisclosed

Area: Banking and finance

Key players: The deal involved lawyers in Hogan Lovells’ Sydney, Johannesburg, London, Madrid, Milan and Singapore offices. Richard Hayes (pictured), Hogan Lovells partner and head of acquisition and leveraged finance in Australia, led the Australian team advising the banking syndicate. He was assisted by senior associate Francis Booth, associate Sherry Khalili and graduate Eric Van Winssen.

Deal significance: The Virgin Active group is a multinational chain of health clubs, originally part of Sir Richard Branson’s Virgin Group. It was acquired by South African investment company Brait SE in 2015.


Virgin Active now comprises over 245 clubs in 10 countries, and has an enterprise value of $2.6 billion, according to a statement from Hogan Lovells.

The health club group has secured a refinancing deal from an international banking syndicate, involving negotiations with banks in several jurisdictions, as noted above.

Hogan Lovells advised the international banking syndicate on the structuring, documenting, negotiating and closing of the refinancing deal.

“We were delighted to assist our global banking clients on this landmark transaction, which demonstrates Hogan Lovells’ strength and ability to work together seamlessly across various jurisdictions on large cross-border deals,” said Hogan Lovells partner Richard Hayes, who led the team advising on the Australian aspects of the deal.

Virgin Active secures multinational refinancing deal
Intro image
lawyersweekly logo
Big Law


In-house teams and law firms must collaborate or risk harming the profession

5 emerging issues for in-house counsel in 2020

CSR will evolve in-house in 2020: Governance Institute

What factors are preventing innovation in-house?