Health and Fitness chain LA Fitness, backed by leading private equity group MidOcean Partners, acquired Crown Sports Plc for a price in the region of £58m. The deal saw LA Fitness take control of 21 Dragons health clubs strategically located throughout the UK.

Coffer Corporate Leisure acted on behalf of LA Fitness and MidOcean Partners, both as financial advisor along side Price Waterhouse Coopers and also on the creation of a PropCo, effectively a back to back, sale and leaseback of Crown Sports Plc freehold and long leasehold assets.

Coffer Corporate Leisure were able to help MidOcean Partners and LA Fitness fund the majority of the acquisition through a simultaneous sale of the PropCo for approximately circa £50m, which meant they were able to acquire the OpCo (the 21 full serviced health and fitness clubs) for an effective consideration of circa £10m.