We are extremely pleased to announce that the final closing of a multi-stage and complex restructuring transaction of the Calypso Fitness group, in which we advised the group and its majority shareholder, has taken place in recent days.

Calypso Fitness is one of the best-known fitness club operators in Poland, having managed a portfolio of over 100 clubs over the last decade. Clearly, the group's operations and financial position have been heavily negatively impacted by the fitness industry bans imposed in the wake of the Covid-19 outbreak.

The project completed in recent days was largely a transaction involving the sale of a dozen clubs to one of Benefit Systems SA's shareholders, combined with a complex process of renegotiating and restructuring the company's debt and reshaping relationships with its various stakeholders. The total value of the transaction exceeded PLN 100m and is one of the largest in terms of value and by far the most complex M&A transaction in the fitness market in Poland.

The transaction process, which included due diligence, preparation and negotiation of contractual and financial documentation, was carried out over the last year. Prior to that, the transaction was preceded by the renegotiation of almost 100 per cent of the concluded lease agreements undertaken through out-of-court and court actions.

Involved in the transaction on the LWW part in recent times were: Krzysztof Łyszyk, Kamil Lewiński, Karolina Poloczek. Wiktor Wesolowski was responsible for litigation and restructuring issues, assisted by Dominika Zalesińska and Roksana Góral.