• Plans to open 500 clubs by 2027
• Acquisitions of fitness or boxing chains could be considered in the future

Shareholders of Brooklyn Fitboxing, a Spain-based boutique fitness firm, could launch a search for a new investor in late 2025 or early 2026 with a view to completing an exit from the business in 2027, CEO Juan Pablo Nebrera told Mergermarket.

Shareholder Civis Partners is anticipating an exit by 2027, once it completes its five-year investment cycle which began in 2022, Nebrera said. Brooklyn Fitboxing raised a EUR 10m round, in which only Civis participated, with proceeds earmarked for its current expansion plan to reach a total of 500 clubs by 2027, he said. Civis declined to comment on the matter.

Other shareholders include Nebrera and boxer Sergio “Maravilla” Martinez, who may consider selling all or part of their stakes in the company, Nebrera said. The type of investor and offers received will play a part in their decision to sell all or part of their stakes, he added. Each of the three shareholders has a one-third stake in the company.

The new investor could be another player within the industry or a private equity (PE) firm, Nebrera said, adding that preference for one type of partner or another will be determined in due course. However, the initial idea is that the current team led by Nebrera will remain at the helm of the company, although an exit is not ruled out, he said.

The Madrid-based company expects revenues from its own clubs and royalty fees from franchises to total EUR 22m and EBITDA of EUR 3m this year, Nebrera said. He declined to comment on the expected company valuation at the time of a deal.

As Brooklyn Fitboxing is already generating enough EBITDA to continue financing its growth with a mix of its own resources and debt, the company does not plan new fundraising rounds nor will it need the new shareholder to inject additional cash to finance its growth plans, Nebrera said.

International expansion

From 2027, once the new investor is onboard, Brooklyn Fitboxing expects to launch its next phase of growth, which will see it deepen its ongoing international expansion plans, Nebrera said. Its strategy will initially be to grow organically through its usual mix of owned and franchised clubs, but it may consider acquisition targets to support its expansion if the opportunity arises, he said.

A possible target could be a fitness or boxing chain, he said, adding that the company would be interested in approaches about M&A opportunities.

Any acquisitions would be financed with its own resources and bank debt, he said. The amount to be invested in future growth plans and potential acquisitions will be decided in due course, as the company is currently focused on its plans through 2027, he added.

As part of its future international expansion plans, Brooklyn Fitboxing would be interested in two categories of markets—stable, highly competitive, and mature countries such as the US, Canada, Australia, and the UK; and countries with less competition but great potential for growth and greater risk, such as China, India, Vietnam, or Turkey, among others, he said.

Of the two types of markets, Nebrera is leaning towards the latter, but these plans will not begin to be assessed for at least another 18 months, he said. The company could pursue either type of market, or even seek expansion in both simultaneously, he said.

If it were to grow in more stable markets, Brooklyn Fitboxing might consider joint ventures (JV) with local partners experienced in franchise management or retail leasing, rather than partnering with local fitness chains, he said.

Current focus

Brooklyn Fitboxing is focused on growing from the current 230 clubs to 500 by 2027, Nebrera said. Current expansion plans to open its own clubs and buy back franchises have been initially funded with the EUR 10m from the 2022 round, he said. Right now, ongoing expansion plans are being financed through a pool of debt with about seven banks, he said, without detailing the names of the banks or the amount of the loans. It also relies on a Banco Santander program called Fondo Smart, which offers more flexible debt instruments than traditional bank debt, he said, without specifying the amount from this program.

The company is looking to grow in Spain, Italy, France, and Germany. Spain is its main market with 190 clubs, of which 30 are company-owned and the rest franchises, he said. The goal is to open 60 more in Spain by 2027, with 20% of those new clubs being company-owned and the rest franchises, he added.

In Italy, where the company started operations a few years ago, it has 15 locations with about five more opening soon, he said, without specifying whether they are company-owned or franchises.

Last year, it started operations in Germany and France with between 10 and 20 of its own clubs in both countries, he said. The strategy is to grow with a mix of company-owned and franchised clubs in Germany, France, and Italy, he added, without specifying target figures for these countries.

Brooklyn Fitboxing is also present in Latin America in countries such as Argentina and Mexico, where it franchises the brand to local investors, Nebrera said. The strategy for Latin America in the future remains focused on the franchise model, he added.

The company’s competitors are local gyms and boxing clubs, he said, adding that he does not believe there is any brand that has created a fitboxing chain similar to Brooklyn Fitboxing.

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