Stay Fit Gym fully takes over Neby Fitness and expands its presence in Bucharest
Stay Fit Gym, the second largest chain of gyms in Romania, after the number of centers opened, announces the complete takeover of Neby Fitness, a center located in the Domenii market district of Bucharest. This is the first M&A transaction completed by Stay Fit Gym after private equity fund Morphosis Capital became a shareholder of the company in December 2021.
“Our common goal with Morphosis Capital is for Stay Fit Gym to grow at an accelerated pace by opening new fitness centers in Bucharest and other cities in Romania. The takeover of Neby Fitness is part of our expansion plan in the capital, in areas where there is a need for modern fitness centers equipped with high-end equipment and excellent training conditions. The location chosen is a traditional location, with more than 15 years of activity with great potential to attract new customers to the region. With the completion of this transaction, we will invest approximately 0.75 million lei in the complete renovation of the center to align it with the other Stay Fit Gym sites. During the period of closure of the site for modernization works, existing Neby Fitness customers will have their subscriptions suspended and will be able to access any other Stay Fit Gym center free of charge”,said Alexandru Lascăr, CEO of Stay Fit Gym.
The new fitness center acquired by the company is Stay Fit Gym’s eighth location and will be fully integrated into the company’s network. At the same time, the center’s trainers and administrative staff will also be part of the Stay Fit Gym team. Existing customer subscriptions will automatically transfer to Stay Fit Gym and will be valid at all network fitness centers. The Domenii Fitness Center will offer customers an 800 square meter space where cycling, group classes and classic fitness services will be organized.
In March this year, the company will open its ninth location in the Colosseum mall. This fitness center will be the largest in the Stay Fit Gym network, with a total area of more than 1,600 square meters. The investment in fitting out and opening this space was around 3 million lei.
For 2021, Stay Fit Gym estimates a turnover of around 10 million lei. For the current year, it forecasts revenues of more than 15 million lei in the context of increasing the appetite of the population to adopt a healthy lifestyle by maintaining good physical and mental condition. Moreover, this year, with the capital support of Morphosis Capital, the company plans to inaugurate up to ten own fitness centers in Bucharest and in cities with more than 100,000 inhabitants.
Founded in 2012 by three Romanian entrepreneurs – Alexandru Lascăr (CEO), Marius Preodișteanu (Head of Expansion) and Laurențiu Lascăr (Operational Director) Stay Fit Gym currently has a team of around 200 employees and collaborators. The company operates eight centers in Bucharest and offers a wide range of services for people who engage in physical activity, such as aerobics and functional training classes, personal trainer and sauna. The eight fitness centers are equipped with state-of-the-art equipment.