POELLATH advises NORD Holding on the launch of its first single-asset continuation fund

NORD Holding has successfully launched a single-asset continuation fund to support the long-term development of the all inclusive Fitness Group, Germany’s leading premium value fitness platform. The fund provides additional growth capital, thereby creating an important foundation for the company’s continued expansion.

POELLATH provided comprehensive legal and tax advice to NORD Holding on the structur-ing and fundraising of the fund. The new fund was initiated by a consortium of leading institu-tional secondary investors together with NORD Holding. Kline Hill Partners and Unigestion acted as lead investors, supported by a strategic syndicate of institutional investors. NORD Holding and the group’s management team will remain significantly invested.

With more than 171 locations and around 650,000 members, the all inclusive Fitness Group is one of the most dynamic growth platforms in the German fitness market. The new ownership structure creates the conditions to consistently pursue the company’s long-term growth strat-egy. Plans include an accelerated expansion of locations as well as the further development of key operational initiatives. The focus is on a cluster-based expansion within the German market to specifically leverage synergies, increase the number of locations to more than 250 over the coming years, and sustainably secure market leadership.

POELLATH advised NORD Holding on the launch of the fund on all contractual, tax and regulatory aspects of fund structuring and distribution, as well as on investor negotiations, with the following Berlin-based team:

• Dr. Robert Eberius (associated partner, lead, investment funds, legal and tax)
• Ronald Buge (partner, investment funds, co-lead, legal and tax)
• Amos Veith (partner, investment funds, legal and tax)
• Pascal Erler (senior associate, investment funds, legal and tax)