Information on the target
18GYM is a rapidly expanding gym chain based in Romania, currently operating 45 clubs primarily in the northern regions of the country. The company has gained significant traction in the fitness market, focusing on making high-quality fitness accessible to a broad customer base. In a strategic move, 18GYM has agreed to merge with Stay Fit Gym, one of Romania's largest fitness networks, which boasts 77 clubs and a membership base of 80,000 as of September 2026. This merger aims to create a dual-brand platform that will encompass over 120 clubs and serve approximately 130,000 members across Romania.
The transaction, which is subject to customary regulatory approvals, is expected to close within four months. Until the completion of the deal, both 18GYM and Stay Fit Gym will continue to operate independently. Upon closing, Enterprise Investors Fund IX will hold a significant minority stake in the combined entity, alongside the founders of both brands, while Morphosis Capital, an existing investor in Stay Fit Gym, will exit the investment.
Industry overview in the target’s specific country
The Gyms, Fitness and Spa Centers industry in Romania is characterized by a growing demand for fitness services, driven by an increasing awareness of health and wellness among the population. Despite the rising interest, the market remains underpenetrated compared to more mature European markets, presenting substantial opportunities for growth. As healthier lifestyles become more ingrained in Romanian culture, the demand for accessible and high-quality fitness options continues to rise.
Currently, the Romanian fitness market is fragmented, with a multitude of independent operators and small local chains. This fragmentation creates a unique opportunity for consolidation through strategic mergers and acquisitions, as seen in the recent agreement between 18GYM and Stay Fit Gym. The combination of these two brands not only enhances their geographic reach but also allows them to offer a more diverse range of fitness experiences to their customers.
Moreover, the trend towards regular exercise and healthier living is gaining momentum, particularly among younger demographics. This shift is further supported by the increasing availability of fitness facilities and the growing popularity of group classes and personal training services. As the market evolves, there is significant potential for further club expansion and the introduction of innovative fitness solutions tailored to the needs of Romanian consumers.
In summary, the Gyms, Fitness and Spa Centers industry in Romania is poised for growth, driven by changing consumer behaviors and a fragmented market landscape. The recent merg…