Clearwater International advises Arsenal Grupo Deportivo on its debt restructure

Clearwater International has advised fitness and wellbeing leader Arsenal Grupo Deportivo (Arsenal) on its debt refinancing provided by BBVA and Banco Sabadell.

The company has four fitness and wellness centres, three located in Barcelona and one in Madrid. They are considered the most prestigious health and wellbeing complexes in Spain with state of the art design and infrastructure to support all their member’s sporting requirements. In addition the clubs provide food and beverage, beauty and social club activities.

The transaction consisted of refinancing three loans, two of which from Banco Sabadell, and the other from BBVA, as well as the extension of the maturity dates to 2030. Clearwater International advised on the complex debt refinance and facilitated negotiations between all the key stakeholder parties.

The health and fitness market has seen considerable growth in recent years, both low-cost, convenience gyms and premium health facilities (which offer value-added services to cash-rich, time-poor consumers) are driving polarisation of the market, squeezing out many mid-market operators. As domestic markets become increasingly competitive, players are also seeking international development. This coupled with a disruption of the market and lack of consolidation is creating M&A opportunities.

Clearwater International, led by Partner Javier Pérez Farguell and Director Antonio Tomás, advised Grupo Arsenal.