CVC’s DIF arm acquires Spanish fitness chain Enjoy! for €350 m, signalling renewed private‑equity interest in Europe’s post‑pandemic gym sector
Executive summary: CVC’s DIF agreed to buy Enjoy! from Espiga Capital for about €350 million. The deal signals renewed private‑equity appetite for European fitness assets and may set valuation benchmarks for the sector.
Who is involved: CVC (via DIF), Espiga Capital, and the management of Enjoy!.
Likely next: Completion awaits standard regulatory clearances, after which CVC will integrate Enjoy! into its infrastructure platform and may pursue add‑on acquisitions.
British private‑equity firm CVC, through its infrastructure division DIF, has reached an agreement with Spanish fund Espiga Capital to purchase the gym operator Enjoy! for approximately €350 million. The transaction reflects CVC’s strategy to deploy capital into leisure‑infrastructure assets after recently exiting its position on the Naturgy board. While the deal size is modest relative to CVC’s overall fund, it highlights a niche rebound in the fitness sector as membership levels recover.
Timeline
- — CVC agita el sector del 'fitness' con la compra de Enjoy! por 350 millones (Expansión)
- — Naturgy ajusta su consejo tras salir CVC para lanzarse a por compras (Expansión)
Analysis — what this means
Likely next events
- Deal closing subject to antitrust review
- Integration of Enjoy! into CVC’s infrastructure portfolio
Sectors affected
- Fitness and leisure
- Private equity
- Infrastructure investment
Regulatory implications
- Notification requirements under EU merger regulation
Historical parallels
- Blackstone’s 2021 acquisition of Gym Group
- KKR’s 2020 purchase of PureGym
- Apollo’s 2019 investment in Fitness First
Key entities
Sources
- CVC agita el sector del 'fitness' con la compra de Enjoy! por 350 millones — Expansión
- Naturgy ajusta su consejo tras salir CVC para lanzarse a por compras — Expansión