VivaGym Reports €202.6 Million Revenue in 2025, Prepares Synergym Integration

✦ Meridian Analysis

VivaGym has closed 2025 with €202.6 million of revenue and has formalised an agreement to acquire Synergym, a transaction that has already received clearance from the Comisión Nacional de los Mercados y la Competencia (CNMC). The deal is therefore signed and regulatorily approved, with integration of the two low‑cost chains still pending. VivaGym acts as the strategic buyer, with its own 43 newly opened clubs and a subscriber base that has doubled year‑on‑year. The acquisition is financed on the back of a financial structure that remains within the leverage limits agreed with existing lenders, a covenant that has allowed the group to tap additional funding for 2025‑26. From a mechanics standpoint, the transaction is a full‑scale purchase of Synergym’s assets and operations, followed by a post‑closing integration that will consolidate the two networks under the VivaGym brand. VivaGym’s 83 % revenue jump and its ability to raise further financing without breaching covenants. The move follows a series of recent approvals by the competition authority, including the October 7 decision on the same acquisition and the October 9 approval of VivaGym’s purchase of additional gyms backed by Providence Equity. Moreover, the owner’s €600 million offer for Fitness Park, reported on September 16. Deal professionals will be looking for the undisclosed purchase price and the exact composition of the financing package, including any new senior or mezzanine facilities. Information on the advisers involved, the detailed timetable for the integration and any remaining regulatory or antitrust conditions has not been released, and these elements will shape the post‑closing execution risk.

The Meridian Weekly