Apollo S3 Backs TDR Capital Titan’s David Lloyd Deal

Akin Advises Apollo S3 on TDR Capital Titan’s Investment in David Lloyd Leisure

Akin has advised Apollo’s Sponsor and Secondary Solutions (S3) business as a co-lead investor in TDR Capital Titan, a new continuation vehicle established by TDR Capital LLP.

The vehicle will acquire majority control of David Lloyd Leisure, Europe’s largest operator of racquets, health and fitness clubs, from TDR Capital III and its co-investors. Completion is expected in October 2025, subject to customary closing conditions.

The transaction brings together a group of leading investors, including the Children’s Investment Fund Foundation (via TCI Fund Management), funds managed by Coller Capital, Apollo S3, CVC Secondary Partners, and Hollyport Capital.

More than £100 million in fresh capital has been set aside to accelerate David Lloyd’s growth plans, which include new club openings across the UK and Europe, expanded spa and wellness offerings, and additional padel facilities.

David Lloyd Leisure’s CEO Russell Barnes said the business is entering its next phase of growth following a record year for both membership and financial performance. “We are delighted to have TDR’s continued backing as we enter our next phase of growth. Coming off the back of our strongest year yet, both in terms of membership numbers and the performance of the business, we continue to see huge opportunities for David Lloyd across Europe and in the UK.”

TDR Capital’s managing partner Tom Mitchell said: “David Lloyd has been a highly successful investment for TDR to date, achieving significant growth and operational transformation over the first period of our ownership. The transaction has allowed our current investors the option for a full exit, and we are very pleased to be continuing our work with Glenn, Russell and the wider David Lloyd team.”

Since TDR’s acquisition of David Lloyd in 2013, the company has nearly doubled its number of clubs, expanded into new European markets, grown membership to more than 800,000, and tripled its workforce to 11,600 employees.

Advisers to the transaction included Jefferies and Kirkland & Ellis LLP for TDR, Morgan Stanley & Co. International Plc and Travers Smith for David Lloyd, and RBC Capital Markets and Akin for Apollo S3.

The Akin team was led by investment management partner Fadi Samman and included counsel Brendan McNamara, senior practice attorney Daniel Jacobs, corporate partner Timothy Clark, tax partner Stuart Alter, counsel Julie Geng, and associates Morgan Hensley, Zhane Austin, and Eva Luong.

Apollo Global Management is a leading global alternative asset manager, providing private equity, credit, and real asset solutions, with a focus on long-term value creation and flexible capital across markets.

Akin Gump Strauss Hauer & Feld LLP is a leading global law firm with over 900 lawyers across offices in the U.S., Europe, Asia, and the Middle East. Founded in 1945, the firm is recognized for excellence in complex transactions, litigation, financial restructuring, and public policy. Akin is known for its innovative, diverse, and collaborative culture, serving corporations, governments, and individuals with tailored legal solutions.

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