Key Takeaways
- CVC acquired Enjoy Wellness, Espiga Capital for $385.0M.
- Sector: Leisure, Social Infrastructure.
- Geography: Spain.
Analysis
CVC Capital Partners, through its infrastructure arm DIF Capital Partners, has agreed to acquire Enjoy Wellness, a prominent Spanish fitness and wellness chain, for an estimated €350 million (approximately $385 million USD). The deal, struck with current owner Espiga Capital, signals a significant private equity play in Spain's increasingly consolidated sports and leisure sector.
Enjoy Wellness operates a portfolio of 21 sports facilities, with 17 currently active and four slated for future openings. These centers are characterized by their large-scale, family-oriented designs, often featuring swimming pools, extensive fitness areas, and children's activities. A notable aspect of Enjoy's model is its focus on administrative concessions, positioning it within the social infrastructure investment theme favored by large infrastructure funds.
This acquisition underscores a broader trend of private equity interest in the Spanish fitness market, driven by robust global tailwinds such as increased emphasis on physical well-being, preventative healthcare, and longevity. The sector benefits from stable, recurring revenue streams from membership fees and a post-pandemic resurgence in in-person activities. Spain's fitness market remains relatively fragmented, presenting opportunities for consolidation and scaling.
The transaction saw AZ Capital advising the sellers, while Greenhill represented the buyers. Regulatory approvals are pending before the deal can be finalized. This move by CVC and DIF aligns with a strategic push by investment firms to capitalize on the growing demand for accessible and comprehensive wellness services.
The Spanish fitness industry has seen substantial private equity activity. For instance, Providence Equity Partners has aggressively expanded its VivaGym platform, acquiring multiple chains like Smartfit and Synergym to build a network of approximately 450 locations, positioning it as a sector leader alongside Basic Fit. Market speculation suggests Providence might seek to divest VivaGym in a deal potentially valued around €1 billion.
Similarly, Ancala Partners is reportedly nearing an agreement to acquire Supera, another concession-based fitness operator with around 50 centers in Spain and Portugal, from Portobello Capital for approximately €300 million. Other players like JPMorgan are also looking to exit their investment in Forus, a chain with over 60 gyms across Spain, Italy, and Portugal, while Go Fit is backed by Torreal and Mutua Madrileña.
Enjoy Wellness was founded in 2011 by Óscar Martínez and David Sotelo. Espiga Capital initially invested in 2015, acquiring a majority stake. The founders and other minority shareholders will retain a small percentage of the company. The focus on developing and managing large-scale social sports infrastructure aligns well with the investment mandates of infrastructure-focused funds like DIF Capital Partners.