Edge Capital announces the sale of Fitness Hut’s gym chain
BRIDGES-BACKED VIVA GYM ACQUIRES PORTUGAL’S LARGEST GYM CHAIN FROM EDGE CAPITAL
Edge Capital SGPS, an investment holding company equally shared by José Luís Pinto Basto- through The Edge SGPS (50%) - and Miguel Pais do Amaral - through Greypart SGPS (50%) -, announces the sale of Fitness Hut to Viva Gym Group Limited, which also holds Viva Gym in Spain. Viva is mainly owned by Bridges Sustainable Growth Fund III, a fund managed by UK-based investor Bridges Fund Management.
Fitness Hut was developed in 2011 by Edge Capital (50%) and the experienced management team (50%), with an initial investment that allowed the opening of eight clubs in the first two years. In 2014, OxyCapital Mezzanine Fund became partner of Fitness Hut by financing the company with an additional investment of 12 million euros, which allowed the speed-up of the gym chain expansion throughout the country. Since then, the project has evolved into the current 31 gyms (including 4 in fit-out), with more than 110 thousand members and revenues in excess of 30 million euros, currently leading the fitness industry in Portugal.
José Luís Pinto Basto emphasizes that “investing in Fitness Hut was a winning bet since its beginning, due to the potential growth of this business sector in Portugal and the rest of Europe. We grew this project in a deep economic recession context and in a sustained manner, becoming in only six years the largest gym chain in the country. After the consolidation of the initial project, we truly believed that it was about time to hand over the business. The sale of the company to Viva Gym Group Limited will make possible an Iberian consolidation of this business with the Viva Gym’s chain, which opens the right path to continue the project we initially started and, therefore, a step towards internationalization. "
“This business consolidates Edge Capital's catalytic position for innovative projects, such as Brio Supermarkets, which was also sold this year to SONAE, and now Fitness Hut gyms, which changed the paradigm of the fitness industry in Portugal. Additionally, it confirms the ability that we have had in investing in projects with high growth potential and to pass it on to good hands to continue growing and to initiate internationalization. We are proud to say that this is one of the largest private equity transactions in recent years in Portugal ", states the The Edge Group’s CEO.