Conditional acquisition of the Flais network: Benefit Systems Group expands its portfolio of fitness clubs in Bulgaria.
The Flais network has 15 operating fitness clubs and 4 facilities under construction located in the capital of Bulgaria. It is a modern network with an attractive and wide range of sports activities that are very popular among MultiSport users. In the event of a positive decision of the Commission on Protection of Competition in Bulgaria, Next Level Fitness EOOD (a subsidiary of Benefit Systems S.A.) will acquire 100% of shares in companies managing the clubs. The value of the transaction will be approximately EUR 15 million.
In the event of a positive decision of the Commission on Protection of Competition in Bulgaria, Next Level Fitness EOOD will acquire 100% of shares in companies managing existing facilities (15) and four under construction.
The estimated value of the transaction is approximately EUR 15 million. The final amount will depend on the value of net debt and net working capital of the companies managing the Flais network. The transaction will be completed in two instalments: 92% of sales price on the day of concluding the agreement, and the remaining 8% after 15 months from signing the agreement and meeting the conditions related to the results of the acquired companies.
The group manages 37 fitness facilities on foreign markets, 14 of which are in Bulgaria, where over 140,000 people use MultiSport cards. In the event of a positive decision by the national government administration body responsible for shaping and implementing competition and consumer protection policy, the number of clubs in Bulgaria will increase to 29 and after including the Flais clubs under construction, the total number of facilities will increase to 33.
Jolanta Jędrysek
Benefit Systems has been operating on the Polish market for over two decades and is one of the leaders in providing non-financial benefits that support employee well-being. The company is the creator of the MultiSport Programme, which enables physical activity in sports facilities throughout the country. Its portfolio also includes the MyBenefit cafeteria platform and the MultiLife wellbeing programme. For several years now, the company’s sports offer has been developed on foreign markets, including the Czech Republic, Slovakia, Bulgaria, and Croatia. The Benefit Systems Group operates over 240 fitness clubs on four markets (in Poland it is responsible for the Fabryka Formy, FitFabric, Fitness Academy, My Fitness Place, Saturn Fitness, StepONE, Total Fitness and Zdrofit networks). An important area of Benefit Systems activities is the promotion of an active lifestyle at every stage of life, which is why the company implements initiatives supporting physical activity of children, adults, and seniors, also as part of the MultiSport Foundation. Since 2018, Benefit Systems has been part of the global B Corp initiative, bringing together companies operating and engaging in solving the most important social problems. More information can be found at benefitsystems.pl/en.
