Houlihan Lokey Advises Synergym

Houlihan Lokey is pleased to announce that Synergym International has agreed to be acquired by VivaGym, a leading operator of high-value, low-price gyms in Iberia, backed by Providence Equity Partners (Providence). Synergym International is the Luxembourg holding company of Synergym, one of the leading and fastest-growing gym chains in Spain. The transaction is expected to be completed by the end of the year, subject to regulatory approval and customary closing conditions.

Synergym is one of Spain’s leading and most successful gym operators. Founded in 2013, the company serves over 300,000 members across more than 160 clubs, with a projection to reach more than 200 clubs by the end of 2026. The company’s business model is centred on providing exceptional value through low prices, flexible terms, and an experience that includes high-quality club design, top-of-the-line equipment, and expert-led classes. Thanks to its measured and systematic rollout strategy, Synergym has achieved rapid growth without a single site closure, with each new gym quickly reaching profitability.

VivaGym is a leading operator of affordable, high-value gyms across Spain and Portugal. Acquired by Providence in 2024, the company offers its members a differentiated value proposition that combines quality facilities and service with affordable prices. Providence is a specialist private equity investment firm focused on growth-orientated companies across North America and Europe.

The transaction marks a new era for Synergym. While the company has established itself as a market leader through a period of disciplined and systematic expansion, the partnership with VivaGym will create a scaled group with a long-term vision to provide accessible, high-quality fitness to consumers across the Iberian Peninsula.

“We have achieved strong growth and further strengthened our platform,“ said Jordi Bella, Managing Director of Synergym. “Joining forces with VivaGym is the natural next step, creating a scaled group with a long-term vision for providing accessible, high-quality fitness to consumers across the region.”

The acquisition recognises Synergym’s evolution from its founding in 2013 by Sergey Miteyko and Leonard Lvovich into one of Spain’s top gym operators. Its success is built on a highly efficient and de-risked growth model, which has seen the network expand from 96 to 167 sites since 2024, with revenue increasing by more than 100% over the same period.

Houlihan Lokey served as the exclusive sellside advisor to the shareholders of Synergym, supporting the completion of this landmark transaction.

“The Houlihan Lokey team supported us in all phases of the transaction, combining deep industry knowledge with close engagement during the due diligence and negotiation processes. Together, we have achieved a strong outcome for customers, staff, and shareholders. We enjoyed working with Sam, Guido, Gian Luca, and team as our advisors,” said Sergey Miteyko, Co-Founder of Synergym.

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