The chain, which is already operating the gym, will invest one million euros in setting it up and carrying out the rebranding. With this acquisition, Altafit has added 16 centers to its network since the entry of MCH.
AltaFit has made acquisitions its main lever of growth in the Spanish fitness market. The chain of low-cost gyms has gone back shopping and has acquired the control of a Fitness Place in Salamanca. As Palco23 states, the company has already taken control of the installation, in which it will invest one million euros to renew it and carry out the rebranding.
It is expected that the transformation will be executed in phases , without closing its doors, a situation that AltaFit wants to avoid in order to maintain the client portfolio it has obtained with this acquisition. The facility is located in the Vialia shopping center, located in the main train station of Salamanca. The center, which previously had a swimming pool, was transformed by Fitness Place to enable a training room.
It is the sixth corporate operation that the company led by José Antonio Sevilla in 2018, a year in which the MCH investment fund has assumed control of the chain. The first was the purchase of Ifitness, a chain that took the investment firm and merged with AltaFit as soon as it became a majority shareholder. During the next months the corporate image change of the fourteen centers that were bought will be completed.
Soon after, Altafit grew in Galicia with the acquisition of Jump Fitness, an independent center in Lugo. In addition, the company acquired the ownership of three franchised clubs in Ciudad Lineal, Vallecas and Majadahonda (Madrid).
The company plans to keep its foot on the accelerator and continue to expand. Hence, in July, it obtained 10 M€ of financing to grow organically and with acquisitions. In the coming months, the company will open a club in Getxo (Bilbao), where it will invest 1.5 M€ and another in the San Agustín de Gijón shopping center.
The general director, José Antonio Sevilla, indicates to this newspaper that both the purchase of centers and the construction of a club from scratch have associated benefits and disadvantages. "Sometimes it is better to do new work, but sometimes, as has happened in Salamanca, it is an advantage to grow with acquisitions because in addition to assuming a portfolio of clients the company has a well-located premise with the licensing process already managed," points out.
AltaFit, which had reduced the rate of openings in 2016 and 2017, is taking up again an expansion plan that seeks to consolidate the chain as the one with the greatest footprint in Spain. This distinction was held during 2015, since the previous year it opened fifteen facilities. The high rate of openings forced the chain to slow down, digest investments and negotiate the entry of an investment fund that would reduce high indebtedness. Hence, the partial sale to MCH was so relevant.
The arrival of the investment firm meant the departure of Fernando Galindo, who sold his shares and left the position of president. His place is now occupied by Vicente Olivenza, founding partner of AltaFit. Daniel Eduardo Socol and José Javier Bascual, who had been part of the board of directors since 2013, also ceased to hold positions. Their place are now held by Andrés Peláez, MCH's board member, and Rafael Muñoz, who was part of the board of directors of Segur Ibérica, a former investee of the investment firm.
At present, AltaFit operates 55 sports centers in Spain. Where it has more presence is in the Community of Madrid (20), but also has gyms in the Valencian Community (5), Galicia (4), Basque Country (3), Andalusia (3), Castilla y León (4), Canary Islands (3), Asturias (3), Catalonia (2), Castilla La-Mancha (2), Navarra (1), La Rioja (1), Aragón (1), Balearic Islands (1), Murcia (1) and Extremadura (one).
With more than 130.00 subscribers and revenues of more than 36 M€, AltaFit is the main low-cost operator in Spain, although at the Iberian level it is surpassed by Viva Gym group, which at the beginning of the year acquired the Portuguese Fitness Hut and will surpass in the next few months the barrier of the sixty sports centers.