Hamilton Locke is pleased to have advised on the successful acquisition of the Derrimut 247 Group of gyms by way of deed of company arrangement (DOCA) backed by Wes Maas and Cavalo Prestige, resulting in the gyms coming out of external administration and remaining operational.
After the Derrimut 247 Group of gyms were placed into voluntary administration in November 2025, Hamilton Locke advised Wes Maas and Cavalo Prestige on the successful acquisition. This involved advising our client on providing funding to Stephen Dixon (of HM Advisory) in his capacity as administrator to ensure that the gyms could continue to operate throughout the administration, while a DOCA proposal was advanced. Given the complicated debt structure across the Group, the team also assisted in various bilateral debt acquisitions, which subsequently secured key properties required for the future of the gyms. Ultimately, throughout the entire transaction, four separate debt and property transactions arose, alongside the successful DOCA transaction.
The DOCA, which was approved by creditors of the Group at the second meeting, provided for a greater return to unsecured creditors than liquidation and also provided for “continuing landlords” of up to 25 sites to be repaid their claims in full, and employees at those locations to retain employment.
On 20 February 2026, the DOCA was effectuated, with the shares in the three main trading entities transferred to the proponent pursuant to 444GA(1)(a) of the Corporations Act 2001 (Cth) and full control of the gym chain also transferred to our client.
This deal demonstrates Hamilton Locke’s depth across multiple practice groups and our ability to advise on distressed acquisitions and all ancillary transactions.
The Hamilton Locke team was led by Partners Gaynor Tracey and Nicholas Edwards, with assistance from Partners Andrew Vincent, Sarah Roettgers and Mark Payne and Senior Associate Ariane Thierry.
