"Alter Capital invests in Wifit Gyms amid the fitness boom"
Alter Capital Acquires a Stake in Wifit Gyms to Support Its Expansion
Alter Capital Desarrollo, a national private equity firm, has acquired an equity stake in Wifit Gyms, a Spanish low-cost gym operator. The purpose of the transaction is to work alongside the company in executing its expansion plan for new gym openings across the Iberian Peninsula, at a time when the fitness sector is experiencing intense activity, with multiple private equity funds taking positions to build national champions.
With operational teams based in Seville and Madrid, Alter Capital holds both minority and majority positions in various companies. Last year, it acquired Trending Corporate, a company that manufactures and markets cosmetic products and nutritional supplements.
A Diversified Portfolio: Dental, Tourism, Energy, and Education
Alter Capital’s portfolio includes companies such as Dental Company, a chain of dental clinics; Kampaoh, a camping operator in Spain; Dawn Energy, an operator of photovoltaic assets for industrial clients; and Wuolah, a university platform for sharing study materials.
The financial details of the transaction have not been disclosed. However, the deal aligns with Alter Capital’s investment thesis, which focuses on the Spanish lower middle market with tickets ranging from €3 million to €30 million. BDO and Montero Aramburu were responsible for the financial and legal due diligence, respectively.
A Sector on the Rise: Fitness Boom and Major Corporate Deals
The transaction takes place at a time of strong momentum in the fitness and low-cost gym segment. Recently, U.S. fund Providence acquired a majority stake in Viva Gym, while MCH has attempted to divest from AltaFit, albeit unsuccessfully for now.
Basic Fit —backed by several investment groups including OLP Capital, Impactive Capital and North Peak— has also made headlines after purchasing the McFit chain. The boom extends to Portugal, where Fitness Up has gone to market seeking a new partner and has hired Clearwater International for the process.
Other companies, such as Go Fit (owned by Torreal and Mutua Madrileña), have opted for alternative financing instead of raising equity —securing more than €100 million from ICG to support their international expansion. Meanwhile, Supera, the gym chain owned by Portobello, is seeking to refinance its bonds listed on the Alternative Fixed-Income Market.
