Hogan Lovells and Eversheds are among the firms that have landed key roles on an acquisition that has seen buyout house Phoenix Equity partners buy a majority stake in a low-cost gym operator.

Phoenix, which also owns stakes in restaurant chain Busaba Eatthai and fashion retailer Radley, bought the stake in The Gym group from Bridges Ventures, for a reported value of £90m. Bridges has retained a 25% stake in the company.

Eversheds represented Phoenix with a team headed up by corporate partner James Trevis, with finance partner Patrick Davis acting on debt issues. Phoenix also instructed Travers Smith partner Russell Warren on tax matters.

Meanwhile Addleshaw Goddard corporate partner Mike Hinchcliffe led the team advising Bridges.

Hogan Lovells advised debt providers Proventus Capital Partners and HSBC on the deal using a unitranche structure, with a team led by City banking partner Stuart Brinkworth, with banking partner Paul Mullen advising HSBC on intercreditor aspects.

Brinkworth said: "In tough economic times and an increasingly competitive market consumers are demanding value for money and consequently the budget gym market is growing significantly. This deal clearly reflects that environment and demonstrates how the new low cost model is leading the way.

"It was an interesting deal to work on, as the unitranche model is a growing form of financing in the European market that only really took off this year, and I think we'll be seeing many more unitranche deals in the market in the near term."