Fitness World expands into Poland
The Danish market leader Fitness World, which in December had invested in the Danish subsidiary of Fresh Fitness, has now acquired the Polish club group Condizione operating five clubs. A good cultural match, access to experience in the Polish market and a solid starting point for further growth are the primary reasons why Fitness World has entered Poland.
"We share the same ambition of bringing better fitness to more people and are impressed with what Condizione has done this far", says Henrik Rossing, the founder and chairman of Fitness World. As a consequence of Fitness World's rapid growth over the past nine years, and a market share above 50%, the Danish market is now among the more mature European markets. The Polish market, however, is still no developed to this level, which leaves great opportunity for growth.
"The Polish market seems similar to what we saw in Denmark a few years back and the ambition is to do in Poland what we have successfully done in Denmark, respecting that we are not yet familiar with this market and very aware that there are cultural and structural differences that needs to be taken into account", Rossing explains.
With the purchase of Fresh Fitness and Condizione, Fitness World Reaches 150 Clubs serving 450,000 members. Last week Bloomberg Research reported that Fitness World has invited private equity firms to acquire a stake in the chain. The company is said to already have been approached by investors and is ready to start negotiations. Fitness World's market value is estimated at DKK 2.2 billion (EURm 296).
Source: edelhelfer-Analyse, Fitness World, Bloomberg
Pictures: Fitness World