DAC Beachcroft advise Partnerships in Care on further acquisitions
Leading healthcare law firm DAC Beachcroft is delighted to have advised Partnerships in Care (PiC) on two of their latest acquisitions.
Published 14 March 2016
International law firm DAC Beachcroft has completed its first major piece of work for UK trampoline parks operator, Oxygen Freejumping, resulting in a £10m investment to expand the business.
A DAC Beachcroft team advised Oxygen Freejumping on the fundraising that will see the company open 30 parks within the next two years, as it seeks to capitalise on the growing popularity of trampolining as a leisure activity.
The team advised in respect of an £8million debt facility from Beechbrook Capital along with a further £2 million equity investment from Oxygen Freejumping's existing shareholders.
Oxygen Freejumping's management team includes Fred Turok, the founder of LA Fitness, David Stalker, the former ukactive boss, and Steve Philpott, ex-managing director of David Lloyd Leisure. They opened their first park in West Acton last summer followed by another in Southampton in December.
This latest round of funding comes on the back of a landmark deal with Lucozade Powerleague to acquire five new sites in total, comprising 162,000 sq ft of trampoline parks throughout the UK.
The new sites, which are located in Derby, Wigan, Blackburn, North Shields and Trafford Park in Manchester, are all expected to be operational by the end of the summer.
DAC Beachcroft Corporate Partner James Reed, who led the team advising on the finance package, said: "We are delighted to have advised Oxygen Freejumping on this financing round, which will help this already thriving business to continue its rapid expansion. We look forward to working with the company again in the future."