EGYM receives up to 207 million euros in growth capital in a Series F financing round from its new investor Affinity Partners, a global investment firm based in Miami, USA, and existing investors Mayfair Equity Partners and Bayern Kapital.
107 million euros will flow immediately to EGYM, with an additional 100 million euros available for future investment. Investment focuses on the development of further innovative digital solutions for health-oriented training and the massive expansion of the EGYM Wellpass corporate fitness network.
"We are delighted that our new shareholder Affinity Partners shares our vision to digitize the entire fitness industry. Because we want to be the platform that makes studios leading players in the transformation of the world's largest market of all - the healthcare market - from repair to prevention through modern, safe and effective training offerings. This includes modern, safe and effective training offerings as well as data utilization to improve training quality and document training success. Corporate fitness plays a prominent role in this. With the new growth capital, we will massively expand EGYM Wellpass and support employers in strengthening the well-being of their workforces through training offers in thousands of high-quality clubs."
Philipp Roesch-Schlanderer, EGYM Co-Founder and CEO
EGYM Group is currently growing 70% year-over-year, EGYM Wellpass is growing over 100%, and expects to close FY 2023 profitable while investing significantly in future growth.
EGYM Wellpass has become the leading corporate healthcare(BGM) network with over 11,500 participating sports and wellness facilities across Germany, Austria and France. Nearly 2.5 million eligible employees from more than 7,500 participating companies thus have the opportunity to exercise at favorable rates and as often as they want at Wellpass partner studios.
"EGYM addresses the massive and rapidly growing global fitness and health market with a differentiated technology-centric approach. It's not often we come across companies with revenues in the triple-digit millions that nearly double in size year-over-year. With EGYM, we are backing an incredible team with a long track record of success, and we look forward to supporting the company on its path to IPO."
Asad Naqvi, Partner at Affinity Partners
Nearly 80% of active Wellpass participants did not previously have a gym membership. In 2022, EGYM had acquired Gymlib, the leader in the French corporate fitness market, and plans to further expand its corporate fitness network internationally.
EGYM is ideally positioned for the future after successfully overcoming the Corona crisis and the investment round now completed. Nearly 16,000 gyms worldwide currently use EGYM products and services. PJT Partners served as exclusive financial advisor and placement agent to EGYM in connection with the Series F financing round.
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Source and image credit: BODYMEDIA
Published on: 21 July 2023