Afinum sells Let's Go Fitness to Naxicap

The sale ends a holding period of four years for Afinum, which bought the company using equity from its €280m fourth buyout fund Afinum Siebte Beteiligungsgesellschaft. The vehicle generally deployed equity tickets between €10-35m.

Afinum supported a buy-and-build strategy for the business that saw it make seven add-on acquisitions, increase its number of centres from 28 to 52 and sign up an additional 20,000 members, bringing the total to 50,000.

The GP said it expanded and professionalised the company's reporting systems and supported its digitalisation.

Afinum first put the business up for sale at the start of the year, hiring Credit Suisse to sell it based on EBITDA of CHF 12-15m, according to Unquote sister publication Mergermarket.

Previous funding
Afinum acquired Let's Go from its founding team in September 2014. One of the founders, Jean-Pierre Saco, reinvested and took over management of the business.

It subsequently supported the bolt-ons of Fit Plus, Physic Club, Physic 2000, Fit Heaven, Fitbudget, California Fitness and Atlantide, adding 14 new centres in total.

Company
Founded in 2002, Let's Go operates 52 health and fitness centres across French-speaking Switzerland and has 50,000 members. It manly caters to upper-middle-class segments through various membership plans. The firm is based in Lausanne, Switzerland.

People
Afinum Management – Philipp Schülin (partner).

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• Topics
• Exits
• Buyouts
• DACH
• Consumer
• Switzerland
• Afinum
• Naxicap
• Secondary buyout
• Credit Suisse