Avedon Capital Partners has sold Fit For Free and SportCity, two fitness centre brands, to Bencis, an independent investment company based in the Benelux and Germany.
Closing is subject to regulatory approvals.
In 2009, Fit For Free (founded in 2005) and SportCity (founded in 1995) came together with a strategy to rapidly increase market penetration in the Netherlands, especially with the Fit For Free value format.
With the support of Avedon, SportCity and Fit For Free have increased the number of clubs from 42 to 110 through organic growth and selective acquisitions, resulting in nearly 400,000 members and a doubling of revenues. Substantial investments have been made into opening new clubs, refurbishing existing clubs with innovative formats, highest quality equipment and digitalisation of the company’s membership and IT infrastructure.
Michel Verhoog of Avedon Capital Partners, says: “It has been exciting to be part of the growth journey of Fit For Free and SportCity. The company has continuously improved to maintain its market-leading formats for many years. It’s been inspiring to see how passionately the teams at Fit For Free and SportCity work towards delivering the best service and experience for their members. We are convinced that with Bencis, Fit For Free and SportCity have found a partner to support a bright future for the company.”
Sabine Kloos, Chief Executive Officer of Fit For Free and SportCity, says: “We are thankful that Avedon has supported the substantial investments in the growth strategy and the organisation to create a leading fitness platform for further growth. And we are looking forward to working with Bencis to continue our growth path and deliver the best service and experience for our members.”