Information on the target
Viva Gym is a rapidly growing chain of low-cost gyms operating 16 locations across 11 cities in Spain, catering to a diverse membership base of approximately 60,000 individuals. Founded in 2011, Viva Gym aims to enhance health outcomes by providing affordable access to fitness facilities, thereby promoting healthier lifestyles among its members. The gym's model is designed to eliminate barriers to entry for individuals who may find traditional gym memberships financially prohibitive.
This investment marks Bridges Ventures' inaugural foray into mainland Europe and represents the eighth investment from its Sustainable Growth Fund III. The firm has leveraged its extensive experience in the low-cost gym sector, particularly through its co-founding of The Gym Group in the UK, which has successfully expanded to 67 locations and recently achieved a £250 million valuation upon its flotation on the London Stock Exchange.
Industry overview in the target’s specific country
The fitness industry in Spain is witnessing a transformative shift, particularly in the low-cost gym segment, which currently accounts for only 5% of the overall gym market. However, this sector is poised for rapid growth, with projections indicating an annual increase of 9% through 2020. The rising awareness of health and fitness, coupled with an increasing prevalence of obesity—reported to affect more than half of the Spanish population—underscores the urgent need for accessible exercise facilities.
Physical inactivity has been identified as a significant health risk, contributing to approximately 3.2 million deaths globally each year, as per the World Health Organization. In Spain, the challenge is exacerbated among lower-income demographics, where affordability and accessibility to fitness options are major barriers. Viva Gym addresses this critical issue by offering ultra-affordable memberships and a no-contract policy, making gym access feasible for individuals who have previously been excluded from traditional fitness options.
Moreover, Viva Gym's inclusive approach has successfully attracted a balanced demographic, with equal participation from men and women. The gym's offerings include a combination of cardio equipment, weights, and instructor-led classes, which cater to a wide range of fitness levels and preferences. This strategic positioning not only enhances member engagement but also fosters a community-oriented environment that encourages regular exercise.
As the low-cost gym sector continues to expand, there is a clear opportunity for operators like Viva Gym to capture market share from established competitors. By applying operational exp…