Clearwater advises HMF Capital on the sale of a minority stake in Fitness UP to Oxy Capital

Transaction

HMF Capital sells a minority stake in Fitness UP to Oxy Capital

Sell-side

Undisclosed

Role

Adviser to HMF Capital on the sale of a minority stake in Fitness UP to Oxy Capital

Sector

Consumer

Region

Portugal

We have advised HMF Capital, an investment company, on the sale of a minority stake in Fitness UP, a Portuguese fitness chain, to Oxy Capital.

This strategic partnership brings together the leading fitness group in Portugal and Oxy Capital’s expertise in the sector across Europe, setting the stage for accelerated growth and market expansion.

Fitness UP is the largest fitness chain in Portugal, expected to close 2024 with 60 clubs, 150,000 active members, and an EBITDA of approximately €30m. The company is currently implementing a growth plan that aims to reach 100 clubs nationwide in three years and 300,000 active members, as well as expand internationally.

Fitness UP’s standout design, inspired by industry trends, and its strong commitment to social values have propelled its success. The company boasts a significant digital presence, supported by over 1,000 ambassadors, and is the most-followed Portuguese gym on Instagram.

I would like to express my thanks to Clearwater for designing and efficiently managing a complex and challenging process, which allowed us to identify the right strategic partner for Fitness UP at this moment.
Hélder Ferreira, CEO, HMF Capital

After almost 10 years in the fitness sector in Portugal, it was a pleasure to finally have the opportunity to advise the most exciting brand on the market, and I hope to have contributed to a future of many more achievements.
Duarte Vaz, Director, Clearwater