Our client, Lemon Gym, a leading fitness club network in the Baltic region, has secured €22 million in financing through a bond buyout agreement with funds managed by Polish private debt investor Credit Value Investments (CVI). This marks one of the most significant financing transactions of its kind in the Baltics.
The funds will be used to open 7 new fitness clubs and to upgrade existing locations. This summer alone, approximately €1.5 million will be invested in the renovation of clubs in Kaunas and Riga.
The group currently operates 33 fitness clubs across eight major cities in the region, serving around 85,000 members. The company aims to expand its network to 40 clubs and over 110,000 members by the end of 2027.
CVI, a Warsaw-based private debt investor active in Central and Eastern Europe since 2012, currently manages more than €1.1 billion in assets and has completed over 800 financing transactions.
In this transaction, Lemon Gym was advised on all financing-related legal matters by a cross-Baltic TEGOS legal team comprising Sebastian Okinczyc, Aurimas Pauliukevičius, Inga Macijauskaitė, Mārtiņš Galzons, Olger Kaelep, and Gustė Latvytė.
