Spanish operator, Synergym, has entered into a €70 million syndicated financing agreement to fuel domestic expansion.

Founded in 2013, by Sergey Miteyko and Leonard Lvovich – who still hold a majority stake in the company – the high value, low-cost operator aims to have 200 clubs in operation in Spain by the end of 2026.

Synergym closed 2024 with net revenue of €49.1 million, representing an increase of 33 per cent over the previous year. The company also achieved an adjusted EBITDA of €17.1 million.

It has achieved the highest organic growth of any fitness chain in the Spanish market, expanding from 24 clubs in 2019 to 121 currently.

In 2024 it opened 31 clubs, and even during the pandemic it remained profitable and launched 12 clubs. This year, Synergym expects to achieve 160 clubs, setting a new record of 40 new sites in a year.

The company says this is the first syndicated financing signed by a HVLC fitness company in Spain. Banco Santander led the structuring of the agreement, and other major financial institutions, including BBVA, Deutsche Bank, and Unicaja, also participated.

During 2020-2024, Synergym got financial support from Banco Santander's Smart Fund programme, through which it received €15 million in growth financing and became one of the fund’s main clients, which played a crucial role in its expansion to date.

Jordi Bella, managing director of Synergym, says: “This financing provides us with the momentum to continue growing, innovating and providing top-quality service to our members.”