El dueño de VivaGym ofrece cerca de 600 millones por Fitness Park

Providence Equity, an American risk capital management firm owning the Spanish gym chain VivaGym, is a leading contender in the bidding process coordinated by JPMorgan for the acquisition of French fitness center chain Fitness Park. The valuation of Fitness Park is estimated to be around 600 million euros, according to several market sources.

The sale process, overseen by JPMorgan, has advanced, with only four potential buyers remaining in the running, according to sources consulted by EXPANSIÓN. Aside from Providence, a French family office and a participation from JPMorgan could also be involved in the bidding process. If Providence emerges as the winner, it has the option to merge VivaGym and Fitness Park under a single holding company, although Providence's intention is to maintain both brands separately.

Combined, the two gym chains generate approximately 180 million euros in EBITDA, which could exceed 200 million if synergies are taken into account. Providence Equity and VivaGym did not provide comments regarding this information. Fitness Park is owned by Philippe Herbette, with Future French Champions, a vehicle of Qatar Investment Authority (QIA) and Bpifrance, being the primary minority shareholder.

The chain, operating in the low-cost gym segment but with modern and quality equipment, has over 400 centers, 90 of which are in Spain. It generates annual revenues of over 400 million euros (including franchisees) and has an EBITDA of around 60 million euros at present. Acquiring Fitness Park would be another step in Providence's strategy to consolidate the low-cost gym sector in southern Europe, where the sector is highly fragmented.

The firm's strategy involves buying chains, merging them, gaining scale, and improving margins, a model that is particularly scalable as it allows for the opening of many centers with controlled costs and capturing large volumes of members. Providence acquired VivaGym in 2024 when the group only had 60 gyms and 35 million euros in EBITDA.

The firm has since expanded the chain by acquiring Smartfit, Macro Fit, Altafit, One Fit, Body Factory, Fitup, Dreamfit, Fitness4All, and BeWay, and recently agreed to acquire Synergym, increasing its network to 450 locations. Providence is now the leader in Spain's gym sector, alongside the Dutch Basic Fit, which is listed on the Amsterdam Stock Exchange.

If Providence wins the bid, it could integrate Fitness Park, potentially expanding its size to nearly 900 locations. In recent months, the fitness industry has witnessed a new wave of corporate transactions driven by global trends towards physical well-being, health, and longevity. The appeal of gyms as a business is further explained by a stable and sustained demand, recurring revenue from monthly memberships of paying customers, the expansion of premium formats, and the recovery of post-pandemic habits.

Recently, British risk capital manager CVC, through its infrastructure division DIF, agreed to buy Espiga's Enjoy Wellness chain, valued at 300-350 million euros. British infrastructure fund Ancala, on the other hand, bought Supera Portobello for over 350 million euros. Additionally, JPMorgan, through one of its funds, has put Forus up for sale.