Carlsquare advised Aspria, the high-end operator of 10 upscale member clubs across Germany, Belgium, Italy and Spain, and its shareholders on the sale to David Lloyd Leisure (“David Lloyd Clubs”), a portfolio company of TDR Capital. The transaction significantly expands David Lloyd’s European footprint to 40 clubs on the continent – alongside its 109 clubs in the UK – and reinforces its position as Europe’s leading premium health and wellness group.
For more than 25 years, Aspria has been recognised as a leader in super-premium health, fitness and wellbeing across Europe. From iconic locations, its clubs combine exceptional facilities with a refined, hospitality-led experience, serving approximately 51,000 members. Through long-term investment, considered design and a holistic approach to wellbeing, Aspria has created environments that seamlessly integrate fitness, spa, family, wellbeing and community.
David Lloyd Clubs is Europe’s leading premium health and wellness group, operating a portfolio of clubs across the UK and continental Europe. Backed by TDR Capital, the group continues to invest in state-of-the-art facilities, holistic fitness programming and thoughtfully curated spa environments to meet the increasing demand from people who want to prioritise their health and wellness.
The transaction brings together two complementary businesses with a shared ambition to deliver exceptional member experiences. David Lloyd Clubs will bring scale, operational expertise and investment capability to support the continued development of the Aspria clubs. By adding Aspria’s portfolio, David Lloyd is well-positioned to further grow its membership base across the continent and leverage the combined strength of both brands to enhance and innovate the member experience.
Brian Morris, Founder of Aspria, will assist DLC to enhance its European growth ambitions in an advisory capacity. Shiv Patel, CEO of Aspria, will join the DLC Executive Committee following completion.
“Over my 25 years of building Aspria, I have witnessed the DLC offering evolve and I’ve been impressed by the extensive premiumisation that the DLC clubs have undergone over the last decade under TDR Capital’s ownership. This agreement is a natural evolution for the two businesses and combines not just our luxury health and wellness offerings, but also extensive talent and product innovation. I am pleased to remain involved in an advisory capacity and confident that DLC share our commitment to quality, long-term thinking and putting members first.” – Brian Morris, Founder, Aspria
“We are really pleased to welcome Aspria and its members into the DLC Group. Aspria is a business that we have admired for many years, and a team that shares our values and ambition to provide members with world-leading health and wellness facilities. Europe is a big opportunity for DLC and we see this acquisition as an important step forward in growing our business across the Continent.” – Glenn Earlam, Executive Chairman, David Lloyd Clubs
Carlsquare acted as the exclusive financial advisor to Aspria and its shareholders.
The transaction is subject to customary regulatory approvals and is currently expected to complete in March 2026.
