At a Glance
- All Seas Capital has successfully exited its investment in Spanish and Portuguese gym operator Synergym.
- The private capital firm supported Synergym's expansion from 15 to 49 clubs across the Iberian Peninsula.
- Synergym is now positioned for continued growth in the fitness market.
All Seas Capital, a pan-European private capital firm, has announced its successful exit from Synergym, a prominent independent gym operator across Spain and Portugal. This transaction, completed on April 26, 2024, marks a significant milestone for both firms, concluding a period of rapid expansion and operational enhancement for Synergym under All Seas Capital's backing. The investment firm's realization underscores its strategy of providing flexible long-term financing solutions to mid-market companies. Financial terms of the exit were not disclosed by either party.
Strategic Investment Fuels Iberian Expansion
All Seas Capital initiated its investment in Synergym in 2021, with the goal of accelerating the fitness chain's growth throughout the Iberian Peninsula. During the partnership, Synergym's network expanded considerably, increasing its club count from 15 to 49 locations across Spain and Portugal. This period also saw a significant rise in Synergym's EBITDA, reflecting the effectiveness of the strategic capital injection.
Beyond financial support, the private capital firm provided strategic guidance to the fitness operator. Operational enhancements were implemented, including digital integration and various sustainability initiatives, which further strengthened Synergym's market position. This extensive support allowed Synergym to accelerate its growth plans and solidify its presence in a competitive regional market.
Marc Ciancimino, Managing Partner and Co-founder at All Seas Capital, commented on the success of the collaboration. He highlighted the firm's approach of backing ambitious management teams with flexible capital to drive growth. He expressed pride in Synergym's progress and its enhanced service offerings, noting that this exit underscores All Seas Capital's commitment to delivering strong returns for its investors. All Seas Capital received advisory services from Houlihan Lokey for financial matters and Freshfields Bruckhaus Deringer for legal counsel during the transaction.
"All Seas Capital has been an invaluable partner, providing not just capital but also strategic guidance that has been instrumental in our expansion. Their support allowed us to accelerate our growth plans and solidify our presence in the Iberian Peninsula. We are excited about the future and our ongoing mission to make fitness accessible to everyone."
— Jordi Gallardo, Co-founder & CEO at Synergym
Synergym's Market Position and Future Growth Trajectory
Founded in 2014, Synergym has established itself as a leading independent gym operator by offering high-quality, affordable fitness clubs. The company's business model is centered on providing a premium fitness experience at accessible price points, thereby catering to a broad demographic of members. This strategy has contributed significantly to its strong brand recognition and increasing market share.
The expansion from 15 to 49 clubs under All Seas Capital's investment demonstrates Synergym's proven capacity for scalable growth and effective market penetration. With its established network and refined operational efficiencies, the company is now well-positioned for continued development. Synergym aims to further expand its footprint and enhance its service offerings within the dynamic Iberian fitness market.
Joe Saliba, Managing Partner and Co-founder at All Seas Capital, acknowledged Synergym as an exceptional investment for the firm. He emphasized the company's remarkable growth achieved in a competitive market and expressed confidence in its strong market positioning for future success. Synergym was advised by Arcano Partners for financial matters and Gómez-Acebo & Pombo for legal counsel during the exit process.
The successful exit by All Seas Capital marks a significant turning point for Synergym, which is now poised for its next phase of independent growth. With an expanded network, enhanced operational capabilities, and a clear market strategy, the fitness operator is set to continue its mission of providing accessible health and well-being services across Spain and Portugal. This transaction further illustrates the impact of targeted private capital investments in supporting and accelerating market expansion for promising mid-market businesses, highlighting successful partnership models in the European private equity sector.