Swedish fitness operator, Actic Fitness, has sold its German subsidiary – Actic Fitness GmbH – to German fitness operator, Injoy Quality GmbH, a subsidiary of fitness and wellness group ACISO Holding.

Actic's 21 clubs in Germany and its single site in Austria – with a combined total of 21,000 members and 256 employees – will be taken over by Injoy.

The total purchase price is thought to be €3.3m, which will include €2.6n of cash on 23 March when the share agreement closes, €0.5m of debentures and a €0.2m earn-out on EBITDA result for 2023. Capital gain is estimated at €2.2m.

Actic, which operates around 150 clubs in four northern European countries, said it wants to use the "freed-up resources" from the deal to focus on the development of its home markets in Scandinavia.

Injoy currently has 130 locations in Germany and Austria.

Anna Eskhult, CEO of Actic Group AB, said: "Germany is an interesting market, but it is very different from Sweden and Norway, both in terms of size and consumer behaviour.

"By selling our German clubs and Austrian standalone club to Injoy, we're freeing up resources both financially and administratively to increase focus and accelerate the development of our home markets."

Injoy CEO, Alexander Benker, added: "We've been interested in Actic's German-Austrian club portfolio for some time as part of our growth strategy.

"It perfectly complements the quality and service-oriented positioning of the Injoy franchise concept – with Actic's unique combination of fitness training in municipal pool facilities."

Consultant Hans Muench, who helped secure the transaction, said: "This deal will help Injoy expand in its home market while allowing Actic to concentrate on its strengths in Scandinavia."