Akin Gump Represents Flywheel Sports in Acquisition of Its Studio Business by Town Sports
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(New York) – Town Sports International Holdings, Inc., one of the largest owners and operators of fitness clubs in the Northeast, announced today that it entered into an agreement to acquire the studio business of Flywheel Sports, Inc. The acquisition is expected to close in the first quarter of 2020, upon satisfaction of closing conditions. A team from Akin Gump advised Flywheel and Kennedy Lewis Investment Management, Flywheel’s current majority owner, in the transaction.
As part of the acquisition, Kennedy Lewis has agreed to provide seller financing in the form of a $25 million second lien loan. Kennedy Lewis has also agreed to assist with the refinancing of TSI’s existing term loan, with a follow-on commitment of up to $25 million of additional second lien debt.
The Akin Gump team advising Flywheel and Kennedy Lewis was led by Daniel Fisher, co-leader of the firm’s integrated special situations group, and corporate partner Zachary Wittenberg, and included partners Fred Lee and Matt Bivona, counsel Erika Leon, and associates Natasha Burnett and Sanzana Faroque.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 1,000 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East.
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