German fitness studio chain Fit/One, based in Waldbrunn near Würzburg and part of the Harlekin Group since 2014, is entering into partnership with Waterland Private Equity (“Waterland”). The partnership enables Fit/One to continue its current growth trajectory and act as an independent player in the market. Waterland and the Mühleck family, which will retain a 50 percent share in Fit/One, will further develop the company together in the future through both organic and inorganic initiatives; Moritz Mühleck will continue to lead Fit/One as CEO.
The fitness studio chain Fit/One has, since opening its first studio in 2014, successfully established itself in the fast-growing premium discount segment. With thirty studios, including three in the Austrian metropolitan region of Vienna, and 300 employees, Fit/One is one of the leading cross-regional providers in the DACH fitness industry.
Waterland and the Mühleck family aim to continue the successful Fit/One concept by organically establishing additional locations and complementing this measure with the introduction of new studio concepts. In addition, the group will pursue an active consolidation strategy for the highly fragmented European market. The aim is to significantly expand the group in the coming years by acquiring further fitness studios and chains.
Moritz Mühleck, CEO of Fit/One says: “We are very pleased to have Waterland as a strong and experienced partner at our side, who will support us in continuing the roll-outs of our existing studio concepts as well as in pursuing our active acquisition strategy. We are seeing increasing consolidation in the market, with numerous operators thinking about selling their studios either now or in the coming years. We would like to actively utilize this momentum and push forward into a new era.”
Jörg Dreisow, Partner at Waterland, says: “The German fitness market is still experiencing strong growth, driven by the increasing importance of a healthy and active lifestyle. In particular, the premium discount segment, in which Fit/One has established itself as one of the leading operators in recent years, is developing dynamically. We are looking forward to further rolling out the successful Fit/One concept and to driving future industry consolidation together with the Mühleck family.”
The parties have agreed not to disclose the financial details of the transaction.
- Austrian Private Equity & Venture Capital Organisation (AVCO)
- Belgian Venturing Association (BVA)
- British Private Equity & Venture Capital Association (BVCA)
- Bundesverband deutscher Kapitalbeteiligungsgesellschaften (BVK)
- Nederlandse Vereniging van Participatiemaatschappijen (NVP)
- Polskie Stowarzyszenie Inwestorow Kapitalowych (PSIK)
- Swiss Private Equity & Corporate Finance Association (SECA)
- Irish Venture Capital Association (IVCA)