Alter Capital Development, signature of private equity national, has acquired a shareholding in Wifit Gyms, a Spanish gym company low cost operating in Spain. The purpose of the transaction is to work with the company in the execution of the plan to open new gyms in the Iberian Peninsula at a time of full turmoil in the sector fitness, where various venture capital funds have taken positions to create national giants.

Alter Capital enters the fitness sector with this operation. With an operational management company based in Seville and Madrid, the group also holds stakes in other companies with minority and majority positions.. Recently, it has taken capital from another company, Trending Corporate, along with a fund owned by the Andalusian Regional Government and another national fund, a company that manufactures and markets cosmetics and dietary supplements.

Among Alter Capital's portfolio are other holdings such as Dental Company, chain of dental clinics; Kampaoh, campsite operator in Spain; Dawn Energy, operator of photovoltaic assets for industry, or the university platform for sharing notes, Wuolah.

The financial details of the transaction have not been made public, although the operation is part of Alter Capital's investment thesis, which focuses on the lower middle market Spanish with investment tickets between 3 and 30 million euros. BDO and Montero Aramburu have been in charge of the due diligence financial and legal, respectively.

Boom of the fitness

Alter Capital's transaction comes at a time of turmoil in the world of fitness, and low-cost gyms in particular. Recently, the American fund Providence has taken a majority stake in Viva Gym, while MCH has sought to divest from Alta Fit, but has so far been unsuccessful.

Basic Fit, controlled by several investment groups (OLP Capital, Impactive Capital, and North Peak), has also been involved in a corporate transaction, which has purchased the McFit chain. The fever spreads to Portugal, where Fitness Up has entered the market in search of a new partner., for which it has signed Clearwater International.

Other companies such as Go Fit, Torreal and Mutua, have decided to raise alternative financing instead of raising capital –has signed more than 100 million with ICG to prepare its international expansion.. The gym chain Supera, from Portobello, seeks to refinance its bonds issued in the Alternative Fixed Income Market (MARF).

Fuente: https://www.eleconomista.es/capital-riesgo/noticias/12854731/06/24/alter-capital-entra-en-wifit-gym-en-plena-fiebre-del-fitness.html