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Sep 15, 2022 14:06 EEST
September 15 (SeeNews) - Romania's gym operator Stay Fit Gym said on Thursday it has bought two new fitness centres in the cities of Sibiu and Galati and plans total investment of 12.5 million lei ($2.5 million/ 2.5million euro) in the two cities.
The new acquisitions represent the fourth and the fifth M&A transaction announced by Stay Fit Gym after taking over Bucharest fitness centre Neby Fitness and two fitness centers in Pitesti, the company said in a press release.
The fitness center purchased in Sibiu was owned by Habit30, and will enter into a complete renovation process in the next period, with works estimated to be completed by early October. Also, in October, Stay Fit Gym will open a second fitness center in Sibiu, in Promenada Mall. The value of the investments made by Stay Fit Gym in Sibiu for the renovation of the purchased fitness center and the opening of the new center is approximately 5 million lei. At the same time, the company targets the inauguration of the third center in Sibiu at the beginning of next year.
The fitness center in Galati was acquired from OneGym, the local market leader., and will be renovated in the following period, immediately after the inauguration of a new Stay Fit Gym fitness center in this city, in Galati Shopping City. The company
decided that the acquired fitness center would be renovated after opening the one in the mall so that Stay Fit Gym members would always have a location where they could train. As in Sibiu, the company targets the inauguration of the third center in Galati at the
beginning of next year. The total value of the company's
investments in Galati amounts to about 7.5 million lei.
Stay Fit Gym adjusted its turnover forecast for 2022, from 15 million lei to 20 million lei at year-end, due to its expansion process.
"Since the beginning of the year, we have successfully completed five M&A transactions with local operators. Among the many upcoming
openings, I would also mention the collaboration with the IGD group, the owner of the Winmarkt stores, where we have three openings planned in the next 4-5 months." said the company's head of Expansion, Marius Preodisteanu.
By purchasing the gyms in Sibiu and Galati and opening two additional locations there, the company will run 16 gyms nationwide.
Stay Fit Gym was founded in 2012 and currently operates operates 14 centres in the cities of Bucharest, Pitesti, Sibiu, and Galati.
(1 euro=4.9259 lei)
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