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RM Secured Direct Lending backs management buyout of gym firm énergie Fitness

The buyout is backed by the investment firm and a consortium of others including some of énergie’s original founder-shareholders

RM Secured Direct Lending - RM Secured Direct Lending backs management buyout of gym firm énergie Fitness

RM Secured Direct Lending PLC (LON:RMDL) said it is supporting a management buyout of énergie Fitness, a low-cost gym franchisor in the UK and Ireland, led by its founder Jan Spaticchia.

The investment firm said Spaticchia will reacquire the business with backing from RM and a consortium of investors, including several of énergie’s original founder-shareholders.

READ: RM Secured Direct Lending sets new investment management fee

The buyout followed negotiations between RM and the gym firm regarding the need for additional working capital to support énergie during the UK’s lockdown period, on top of the current £7mln senior secured loan against the gym group.

"We are pleased to continue to support énergie under Jan Spaticchia and the team. The acquisition and recapitalisation of the business preserves RMDL's senior secured investment, enhances RMDL's economic interest, secures jobs and provides certainty of funding, allowing Jan and the management team to restore the growth of the business and brand, once gyms are allowed to reopen", said Pietro Nicholls, the portfolio manager of the company’s investment manager, RM Funds.

"This demonstrates the benefits of RMDL's strategy to provide tailored, secured debt solutions to high quality businesses as well as the ability of the Investment Manager to act flexibly and work with borrowers to find resolutions and preserve the interests of RMDL's Shareholders," Nicholls added.

Shares in RM were steady at 78p in early trading on Wednesday.

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