Synergym Funding Fuels Spanish Expansion

Synergym is on solid footing.

What’s happening: Spain’s second-largest gym operator secured a minority investment from All Seas Capital.

Closing in on market leader Basic-Fit, Synergym will finance an established in-country pipeline of facilities, jumping from 96 to 120 by end of year.

City slickers. Clustering urban clubs in major metros like Barcelona and Valencia, Synergym’s affordable, efficient model has attracted a memberbase of over 200K.

Starting at €26.99/mo, members can access machines, classes from Zumba to spin, functional training, free weights and a complimentary app for digital training.

Well-established, founders Sergey Miteyko and Leonard Lvovich credit an efficient deployment strategy for their ambitious expansion.

“We have quickly established Synergym as one of the largest chains of fitness gyms in Spain through a prudent rollout plan that ensures each and every site achieves fast profitability and high cash flow generation. This is fundamental to our success.”

Chain Reaction

With Spanish exercisers upping their frequency 30% over two years, big-boxes are thriving.

• Bulking up after acquiring RSG Group’s Spanish clubs, Basic-Fit added 42 units to hit 199, while VivaGym’s new owners will build 12 new gyms in H2 2024.
• Anytime Fitness and Fitness Park are gunning for a ~50 site estate; the former by opening eight more clubs this year, and the latter by doubling its Spanish network.
• Altafit is preparing its 80-gym portfolio for sale, and large-format operator Dreamfit is pushing for 40 gyms by 2030.

Meanwhile, US-based Planet Fitness launched its first site in Spain this week, with plans to open 300 more.

Takeaway: A cost-of-living crisis ups the appeal of value-driven gyms in Spain. But with HVLP expats like Planet Fitness, Anytime and Fitness Park muscling in, incumbents will need to build loyal communities faster than new sites.