All Seas Capital Exits Synergym
All Seas Capital, a pan-European private capital fund that provides transformational capital solutions to leading founder- and entrepreneur-owned companies, is pleased to announce the successful realisation of its investment in Synergym, a fast-growing and leading gym chain in Spain. Synergym International, the Luxembourg parent company of the Spanish business Synergym Holding has signed an agreement to be acquired by VivaGym, a fast-growing operator of High-Value Low-Price gyms in Spain and Portugal, backed by Providence Equity Partners L.L.C. The deal is subject to regulatory approval and customary closing conditions.
This transaction brings together two complementary businesses to create a scaled fitness platform across Spain and Portugal. Upon completion, the combined group will be made up of a network of more than 500 clubs, providing accessible, high-quality fitness to consumers across the region.
Founded in 2013 by Sergey Miteyko and Leonard Lvovich, Synergym is led by Managing Director Jordi Bella and a highly capable management team who have driven the company’s disciplined and systematic expansion establishing it as one of the main gym operators in Spain.
Since All Seas Capital’s investment in 2024, the team has worked closely with management to support the acceleration of Synergym’s growth. Revenue has increased by over 100%, driven by the rollout of new clubs, expanding the network from 96 to 166 sites. This has been complemented by strengthening operational processes and the successful securing of a €120 million syndicated financing agreement, led by Santander. There has also been significant investment in Synergym’s head office and operating systems to support the rapid expansion, with total employee numbers increasing from approximately 700 in 2024 to over 1,100 in 2026.
Jordi Bella, Managing Director of Synergym Holding, said:
“We chose the right partner in All Seas Capital, whose investment and expertise helped us accelerate Synergym’s growth. With their support and perspective, we have achieved strong growth and further strengthened our platform. Joining forces with VivaGym is the natural next step, creating a scaled group with a long-term vision.”
Joe Petrusic, Partner at All Seas Capital, commented:
“We are proud to have partnered with a highly capable management team during a period of significant growth for Synergym. Their ambition and execution have been central to Synergym’s success, and we are proud to have supported them along the way. We wish the team every success in this next phase.”
Cristobal Cuart, Co-Founder and Managing Partner of All Seas Capital, commented:
“This realisation is an important moment for All Seas Capital and reflects our approach of supporting founder-led businesses through periods of accelerated growth. When we invested in 2024, Synergym was already an established business of some scale with a clear growth strategy, led by a highly capable and ambitious management team — exactly the type of company we seek to partner with. All Seas Capital’s flexible, non-control capital aligned well with Synergym’s ambitious plans, and we are confident it will continue to thrive as part of a scaled network.”
All Seas Capital was advised by Latham & Watkins. Synergym International and the shareholders were advised by Houlihan Lokey, Garrigues, and Van Campen Liem.
About All Seas Capital
All Seas Capital is a pan-European private capital firm. We partner with mid-market businesses, constructing flexible, structured capital solutions – investing a combination of debt and equity – to empower transformational growth.
The team is led by Marc Ciancimino and Cristobal Cuart who co-founded and led KKR’s European mezzanine and preferred equity business.
We back growing businesses with strong management teams and help them accelerate their growth plans, supporting entrepreneur and family-owned businesses who have already reached profitability but need strategic capital to realise their ambitions. These businesses have underlying resilience, typically generating EBITDA of €5-50m, with our investment ranging from €30-100m.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260427934633/en/
Contact
For further information, please contact:
All Seas Capital
Charlotte Balbirnie
+44 7989 528421
[email protected]
Abstract
All Seas Capital announces the realisation of its investment in Synergym, a fast-growing and leading gym chain in Spain.
