Building a category-defining fitness platform: GP exits Synergym following exceptional 50% CAGR

As Synergym’s first Institutional backer, Growth Partner has proudly supported the team to build one of the most compelling platforms in the fitness market. The business has over 350,000 members and 167 clubs operational today, underpinned by a consistent format, premium equipment and strong value for money.

Synergym International, the Luxembourg holding company for the Spanish operations, has signed an agreement to be acquired by VivaGym, another leading gym chain in Spain and Portugal, backed by Providence Equity Partners. The deal is subject to regulatory approval and customary closing conditions. This transaction brings together two highly complementary businesses to create the leading fitness platform across Spain and Portugal. Upon completion, the combined group will comprise a network of more than 500 clubs in 2026, providing accessible, high-quality fitness to consumers across the region.

Founded in 2013 by Sergey Miteyko and Leonard Lvovich, Synergym is led by Managing Director Jordi Bella and a highly capable management team who have driven the company’s disciplined and systematic expansion, establishing it as one of the main gym operators in Spain. By 2019, the business had scaled to 17 clubs with a proven rollout model and clear whitespace opportunity, positioning it for its next phase of growth.

Recognising Sergey and Len’s passion for building a category-defining services business and the market headroom for low cost gyms in Spain, Growth Partner invested in 2019 to provide the initial capital to accelerate this expansion, supporting an ambitious rollout of new clubs, continued investment in operational processes, systems and central infrastructure. With Growth Partner’s investment, the business has grown from 17 to 167 sites, with revenue growing at over 50% CAGR over the period.

This has been complemented by a string of successful fundraisings, including a €120 million syndicated financing agreement led by Santander, and significant investment in the organisation to support this growth – driving meaningful job creation, with total employee numbers increasing from approximately 120 in 2019 to over 1,100 today.