A Yorkshire investment firm is backing a fast growing Spanish gym chain.
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Growth Partner, the investment firm of HomeServe founder Richard Harpin, has completed a multi-million-pound investment into the gym operator, Synergym.
Growth Partner has taken a minority stake in the business, which aims to become a major player in the Spanish market.
The entrepreneurs Dr. Sergey Miteyko and Leonard Lvovich founded Synergym in Malaga in 2014. The company has expanded into other regions, recently opening its 17th club in Murcia.
Synergym has a membership of more than 40,000 people and employs around 170 staff.
A spokesman said: “As part of its investment, Growth Partner will take an active role in the governance, strategy and future growth of Synergym in full partnership with the founders.
“Growth Partner’s investment and Richard Harpin’s strategic input will support an exciting roll-out strategy, with a further 10 gyms planned to open across Spain in 2019, including Zaragoza, Granada and Barcelona with the ambition to reach more than 100 clubs by 2025.”
Managing Partner of Growth Partner, Gerard Downes, said: “Sergey and Len are hugely experienced and talented operators who have created an exceptional business and have the dedication and vision to lead the Spanish value gym chain market.
“We are excited to be on that journey with them.”
Co-founder of Synergym, Leonard Lvovich, said “We are delighted to be able to tap into Richard’s experience of growing a substantial international business and working with Growth Partner to accelerate our exciting roll-out plans across Spain.”
Growth Partner was advised by Freeths in Leeds and Garrigues and KPMG in Spain.