Stay Fit Gym, the second largest chain of gyms in Romania, after the number of open centers, announces the complete takeover of two fitness centers owned by the Gym District in Pitești. This is the second M&A transaction announced by Stay Fit Gym after taking over Neby Fitness, a center in the Piața Domenii area of Bucharest. It is a premiere for the company that thus begins the national expansion after opening ten centers in Bucharest.
“Our expansion plan for 2022 is ongoing, and in the coming months, we want to inaugurate up to ten own fitness centers in Bucharest and cities with over 100,000 inhabitants. The first city outside Bucharest where we decided to expand is Pitesti. The acquisition of Gym District, the local market leader, will help us quickly position ourselves as the first choice for the active people in this city. The growth and development potential for the two acquired centers is huge, which is also due to the very good management so far. In the next period, we will make a series of investments in the two centers to bring them to Stay Fit Gym’s premium standards and provide customers the very good services that characterize our centers, at affordable prices, just like in Bucharest. For the next few years, we will run the two centers in Pitesti, but if there is a demand from the market, we are also considering opening a new center in this city,” stated Alexandru Lascăr, CEO of Stay Fit Gym.
The two centers purchased by the company are located in the Trivale shopping center, respectively, in the north of Pitești, in the Gavana neighborhood. The location within Trivale is the largest in the city, with 1,600 square meters. The second center covers an area of 1,000 square meters. Following this transaction, Stay Fit Gym will take over a customer base of approximately 1,400 members, the company’s goal being to double this number by the end of this year.
The fitness centers will undergo a complete renovation process in the next period. However, during all these works, one of the locations will always remain open so that members have a place to train. Renovation works will focus on equipment replacement, locker room renovation, and the integration of the center into the Stay Fit Gym design. The total value of the investments is approximately 2 million lei.
The fitness centers in Pitești represent the 11th and 12th locations of Stay Fit Gym. In February this year, the company made its first M&A transaction by acquiring Neby Fitness in Bucharest. In March, it inaugurated a new center within the Colosseum Mall in Bucharest, following an investment of approximately 3 million lei.
For 2022, the company aims for revenues of over 15 million lei and the inauguration of ten own fitness centers in Bucharest and cities with over 100,000 inhabitants. Stay Fit Gym is currently in talks to take over fitness clubs in major cities of Romania.
At the end of 2021, the private equity fund, Morphosis Capital, became the company’s shareholder. The partnership between the two entities envisages the expansion of Stay Fit Gym at the national level to facilitate the population’s access to the gyms in Romania.