Fitness chain Basic-Fit has acquired its German competitor Clever Fit for €160 million, becoming the largest operator of fitness centres in Europe. The company, which already operates in Belgium and several other countries, will now lead the German market and expand its presence from six to twelve countries.
Clever Fit has around one million members and runs 493 gyms, including 39 company-owned and the rest franchised. The deal boosts Basic-Fit’s total number of locations to more than 2,150. The company’s customer base grew to 4.73 million in the first nine months of this year.
Clever Fit’s network includes 406 clubs in Germany, 48 in Austria, 20 in Switzerland, 15 in Slovenia and two in Romania, along with one each in Croatia and the Czech Republic. Six of these countries are new markets for Basic-Fit.
In addition to the €160 million cash payment, Clever Fit could receive another €15 million if certain performance targets are achieved.
Basic-Fit said it plans to expand the franchise model under its own brand in France, Germany and Spain, while continuing to open new company-owned gyms across Europe.
