SmartFit’s R$2.3 Billion Initial Public Offering

Simpson & Thacher and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised SmartFit Escola de Ginástica e Dança S.A on the deal, while Davis Polk and Pinheiro Neto advised the joint bookrunners. Pinheiro Neto also advised Canada Pension Plan Investment Board – CPPIB on the deal

SmartFit Escola de Ginástica e Dança S.A. (“SmartFit”) has completed its initial public offering on the São Paulo Stock Exchange (B3) at a public offering price of R$23 per common share. The offering raised R$2.3 billion in gross proceeds (excluding the underwriters’ over-allotment option) to SmartFit.

The common shares were offered to certain qualified institutional buyers under Rule 144A in the United States and to non-U.S. persons outside the United States in reliance upon Regulation S. SmartFit’s common shares began trading on the B3 under the ticker symbol “SMFT3” on July 14, 2021.

SmartFit operates the fourth largest network of gyms in the world and the largest gym network outside of the United States of America, in terms of number of customers. SmartFit is present in 13 countries throughout Latin America and is the market leader in Brazil, Mexico and the Andean region (Colombia, Chile and Peru) in number of active customers.

The Simpson Thacher team included Grenfel S. Calheiros (Picture), Luiz F. Noronha and Alexandre Portnoi (Capital Markets); and Jonathan Cantor and Suzy Yaster (Tax).

In Brazil, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Smartfit with Jean Marcel Arakawa, Gabriela Castro Rabelo, Vivian Hatushikano and  Matheus Salim Tavares.

Pinheiro Neto advised Canada Pension Plan Investment Board – CPPIB with  Álvaro Silas Uliani Martins dos Santos, Guilherme Sampaio Monteiro,  Eduardo Comparato F. de Sá and Andressa Ickowicz.

Davis Polk advised the joint bookrunners with Manuel Garciadiaz and Lourenco Lopes-Sabino. The tax team included Kiara L. Rankin and Ben Levenback.

In Brazil, Pinheiro Neto advised the joint bookrunners with Fernando S. Dos Santos Zorzo, Otavio B. P. de Carvalho, Julia Barbosa Campos, André Goldflus de Pinho and Carolina Fernández Vidal.

Involved fees earner: Manuel Garciadiaz – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Jean Marcel Arakawa – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Gabriela Castro Rabelo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Vivian Hatushikano – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Julia Barbosa Campos – Pinheiro Neto; Eduardo Comparato Ferreira de Sá – Pinheiro Neto; Fernando dos Santos Zorzo – Pinheiro Neto; André Goldflus de Pinho – Pinheiro Neto; Otavio Pereira de Carvalho – Pinheiro Neto; Guilherme Sampaio Monteiro – Pinheiro Neto; Alvaro Silas Uliani Martins dos Santos – Pinheiro Neto; Grenfel Calheiros – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Luiz Noronha – Simpson Thacher & Bartlett; Susan Yaster – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pinheiro Neto; Simpson Thacher & Bartlett;

Clients: Banco ABC Brasil; Banco BTG Pactual S.A.; Banco Itau BBA; Banco Santander Brazil; BTG Pactual US Capital, LLC; Canada Pension Plan Investment Board; Itaú BBA USA Securities; Morgan Stanley; Santander Investment Securities Inc.; Smartfit Escola de Ginástica e Dança S.A.;