Multi-million pound international deal for Yorkshire investment firm
Growth Partner, the Yorkshire-based investment firm of HomeServe plc founder Richard Harpin, has completed a multi-million-pound investment in expanding Spanish gym operator, Synergym, taking a minority stake in the business.
Entrepreneurs Dr Sergey Miteyko and Leonard Lvovich founded Synergym in 2014, opening the doors to its first fitness club in Malaga. In less than five years they have expanded into other regions, most recently opening their 17th club in Murcia in February 2019.
Synergym is a value gym operator with a membership base of more than 40,000 and a workforce of over 170 people.
It aims to improve people’s lives by making high quality fitness facilities accessible for all. 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 Harpin’s strategic input will support a roll-out strategy, with a further 10 gyms planned to open across Spain in 2019, 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.
As an investment firm it puts money into entrepreneur-led, consumer-focused businesses. It has already backed high-profile entrepreneurs to help them transform their businesses.
They include Dragon’s Den star Sara Davies, whose North East-based company Crafters’ Companion has more than trebled turnover to over £30m since Growth Partner invested in 2015, Victoria Robertshaw, whose North Yorkshire-based Keelham Farm Shop is rolling out stores across Yorkshire, and Emma Jones who is CEO and founder of small business network Enterprise Nation.
