- This agreement will support the company's growth, with a target of 200 clubs by 2026.
- It marks the first syndicated financing for a smart-price fitness company in Spain.
MALAGA, Spain, Feb. 5, 2025 /PRNewswire/ -- Synergym, a leading fitness operator in Spain, has entered into a €70 million syndicated financing agreement led by Banco Santander to fuel its organic expansion in the Spanish market. The financing strengthens Synergym's financial position and supports its strategic plan to reach 200 clubs in operation by 2026.
Banco Santander led the structuring of the agreement, underwriting 100% of the financing. Other major financial institutions, including BBVA, Deutsche Bank, and Unicaja, are also participating in the syndication.
Jordi Bella, Managing Director of Synergym, expressed that he was "very satisfied with this financial operation, which provides us with the momentum to continue growing, innovating and providing top-quality service to our members. We are grateful for Banco Santander's trust and the support from all the participating institutions."
This agreement represents an important milestone for both Synergym's expansion strategy and the Spanish fitness sector. It is the first syndicated financing signed by a smart-price fitness company in Spain.
During 2020-2024, Synergym received financial support from Banco Santander's Smart Fund program, which provides specialised financial solutions for leading, high growth SMEs. Under this program, Synergym received €15 million in growth financing, becoming one of the Fund's main clients. This support has played a crucial role in the company's expansion.
Investment and vision: the keys to Synergym's leadership.
Since its founding in 2013, Synergym has achieved the highest organic growth of any fitness chain in the Spanish market. The company expanded from 24 clubs in 2019 to 121 currently, becoming one of the top three smart price operators in Spain today. In 2024 Synergym opened 31 new clubs, making it the most successful year in the company's history.
Even during the most challenging years of the COVID-19 pandemic (2020-2021), Synergym remained profitable and opened 12 new clubs. In 2025, Synergym expects to achieve 160 clubs, setting a new record of 40 openings per year.
Synergym's highly successful business is backed by a diversified and committed shareholder base. Founders Sergey Miteyko and Leonard Lvovich hold a majority stake in the company and have not taken any dividends since the company's inception, reinvesting all profits in the growth of the company. Minority stakes are held by high profile international investors All Seas Capital, Oxy Capital and Growth Partner, whose financial support and expertise have been key to Synergym's success.
AZ Capital, Garrigues, Van Campen Liem, EY and RCD have acted as Synergym's advisors. Hogan Lovells has advised the lender group.
Synergym closed 2024 with net revenue of €49.1 million, representing an increase of 33% over the previous year. The company also achieved an adjusted EBITDA of €17.1 million, reflecting the strength and sustainability of its business model.
About Synergym:
Founded in 2013, Synergym is one of the leading operators of fitness centers in Spain, known for its smart-price model that combines affordable rates, modern design and advanced technology. Through its Fit Together philosophy, the company seeks to democratize access to fitness and promote an active, healthy lifestyle. Synergym is committed to excellence, innovation and sustainable growth through its presence in all Spanish communities, with 121 clubs open across Spain as of today.
Media contact
Inmaculada Bejarano
ibejarano@webershandwick.com
Elisabeth García
egarciaramon@webershandwick.com
Joaquín Sanz
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