Celero Capital, advised by White & Case, has issued up to NOK 1.5 billion in senior secured bonds to facilitate its acquisition of Sporty Group, a leading fitness provider in Norway.

Target Information

Celero Capital, through its portfolio company Sporty Bidco AS (Sporty Bidco), has recently issued up to NOK 1.5 billion in senior secured floating rate bonds due in 2030. This issuance is linked to the acquisition of Sporty Group AS (Sporty Group), a prominent player in the fitness and training sector in Norway. Sporty Group operates over 90 fitness centers and employs more than 1,300 staff, catering to approximately 130,000 members, thus establishing itself as a significant contributor to the country’s health and wellness industry.

This fundraising effort also includes the establishment of a super senior revolving credit and capital expenditure facilities agreement, accompanied by related intercreditor arrangements. Such financial structuring is indicative of Sporty Bidco’s strategy to secure robust funding to facilitate its expansion and operational needs in the dynamic fitness market.

Industry Overview in Norway

The fitness industry in Norway has seen substantial growth in recent years, driven by a societal shift towards health and wellness. With an increasing number of individuals prioritizing fitness, the market has expanded s