The commercial fitness equipment industry in Benelux is thriving as it caters to growing consumer health and wellness trends. Companies range from established manufacturers of exercise machines to innovative startups that offer cutting-edge technology, including fitness software and smart devices. This industry has seen a rise in demand for high-quality gym equipment and tech-enhanced solutions following the boom in home fitness and boutique gyms. As awareness about health sensibilities increases, the industry is pivoting towards eco-friendly products and sustainable manufacturing practices, showcasing its adaptability and commitment to modern fitness needs.


In 2024, a mix of venture capital and private equity firms operated as investors in the Benelux commercial fitness equipment sector. Based in locations including the Netherlands and Belgium, these firms vary greatly in size, from small teams of 1-10 to larger entities with thousands of employees. Founded between 1704 and 2017, they made a collective 48 investments last year, highlighting active interest in fitness innovation and growth. Notable investors include the Graduate Entrepreneur Fund and CVC Capital Partners, demonstrating the engagement of both new venture financiers and established institutions alike.


Top 13 Commercial Fitness Equipment Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Notably, CVC has made significant investments in the fitness sector, including the acquisition of Virgin Active, a major gym chain owned by Richard Branson’s Virgin Group, which they acquired in October 2011. This investment highlights CVC's strategy of partnering with entrepreneurs and their commitment to delivering sustainable value and growth through strategic investments in various industries, including commercial fitness.


2. Graduate Entrepreneur Fund


The Graduate Entrepreneur Fund is a venture capital firm based in the Netherlands, founded in 2021. It specializes in providing funding and support to early-stage startups founded by alumni of the universities of Delft and Rotterdam. The firm typically invests between €75K to €2M, offering tailored support, coaching, and networking opportunities to help entrepreneurs navigate their challenges. Notably, the fund has invested in Gymstory, a fitness-related startup, which highlights its engagement in the commercial fitness equipment sector. Additionally, the fund has participated in other transactions, such as GetEase and Channext, although these are not directly related to fitness equipment. The fund's diverse investment portfolio demonstrates its commitment to supporting innovative startups across various industries, including fitness.


3. Endeit Capital


Endeit Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2006. The firm specializes in growth capital investments for European tech scale-ups, focusing on sectors such as AI, fintech, and climate tech. Endeit Capital provides strategic support and portfolio management to entrepreneurs, helping them innovate and grow. One of their notable investments includes Virtuagym, which raised €6 million in Series B funding in May 2018. Virtuagym is a provider of fitness software platforms and mobile applications, aimed at enhancing the fitness experience for users and businesses alike. This investment highlights Endeit Capital's engagement in the commercial fitness sector, showcasing their interest in technology-driven solutions that support fitness and wellness initiatives.


4. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Recently, Waterland has made notable investments in the commercial fitness sector, including the acquisition of LifeFit Group, a German health and fitness platform, from Oaktree Capital Management. This acquisition, announced in June 2024, marks a significant entry into the fitness market. Following this, LifeFit Group acquired the FIT/One Group, further expanding its presence in Germany and Austria, which highlights Waterland's strategic focus on growth within the fitness industry.


5. HPE Growth

  • Website: hpegrowth.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hpe-growth-capital

HPE Growth is a venture capital firm based in Amsterdam, Netherlands, founded in 2010. The firm specializes in technology growth investments, focusing on providing equity and active support to fast-growing digital tech businesses across Europe. Their investment strategy encompasses various sectors, including SaaS, FinTech, Digital Health, and Climate Tech. Notably, HPE Growth has made significant investments in EGYM, a leading company in the fitness technology sector. They participated in multiple funding rounds for EGYM, including a $45 million Series C round in March 2016, a $20 million Series D round in November 2018, and a $41 million Series E round in September 2021. These transactions highlight HPE Growth's commitment to supporting innovative companies in the commercial fitness equipment space, particularly those focused on enhancing corporate wellness and international expansion.


6. Capital Mills

  • Website: capitalmills.nl
  • Type: Venture Capital
  • Headquarters: Gorinchem, South Holland, Netherlands
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: capital-mills-bv

Capital Mills is a venture capital firm based in Gorinchem, South Holland, Netherlands, founded in 2015. The firm specializes in providing funding solutions to technology companies, offering revenue-based financing and equity investments to help startups and scale-ups secure the capital needed for growth. They leverage a network of investors to support their clients with strategic guidance and access to resources, focusing on fostering innovation within the tech sector. Notably, Capital Mills was involved in a venture round for Snap Fitness, a well-known player in the fitness industry, which raised an undisclosed amount on September 30, 2015. This transaction highlights their engagement in the commercial fitness sector, indicating a potential interest in fitness-related investments.


7. Saffelberg Investments


Saffelberg Investments NV is a private equity and venture capital firm based in Gooik, Flanders, Belgium, founded in 2007. The firm specializes in long-term investments in fast-growing ventures, particularly in technology and life sciences. Saffelberg provides not only capital but also management expertise to help businesses achieve their growth potential. They operate primarily in Europe and maintain a diverse portfolio of investments. Notably, Saffelberg made a significant investment in Virtuagym, a Dutch provider of cloud-based fitness software, which raised $2.3 million in a Series A funding round in October 2015. This investment was aimed at expanding Virtuagym's consumer and professional services in the health and fitness industry, highlighting Saffelberg's engagement in the commercial fitness sector.


8. Icecat

  • Website: icecat.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1999
  • Headcount: 201-500
  • LinkedIn: icecat-biz

Icecat is a corporate investor based in Amsterdam, Netherlands, founded in 1999. It specializes in content syndication and product information management, primarily serving the e-commerce sector. Icecat enhances online product visibility and customer engagement through structured content solutions. Notably, Icecat invested in Virtuagym, a fitness tech provider that raised €3M to support its growth in the health and fitness industry. This investment highlights Icecat's engagement with technology solutions that facilitate club management and coaching in fitness, showcasing its relevance in the commercial fitness equipment sector.


9. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital investment firm based in Brussels, Belgium, founded in 1995. The firm focuses on high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, they have recently acquired a significant stake in The Climbing Hangar, the leading UK bouldering gym operator, which highlights their commitment to the fitness industry. This investment aims to accelerate growth and expand operations within the fitness sector. Their diverse portfolio reflects a strong emphasis on consumer needs and sustainable practices, positioning them as a versatile investor in both traditional and emerging markets.


10. Ten Cate Protect B.V.

  • Website: tencate.com
  • Type: Corporate
  • Headquarters: Almelo, Overijssel, Netherlands
  • Founded year: 1704
  • Headcount: 201-500
  • Number of deals in 2024: 2
  • LinkedIn: ten-cate-protect-b.v.

Ten Cate Protect B.V., part of Royal TenCate, is a corporate investor based in Almelo, Overijssel, Netherlands, specializing in protective fabrics and outdoor textiles. Founded in 1704, the company has a long history of innovation and quality in textile manufacturing. In 2024, Ten Cate Protect B.V. made significant strides in the commercial fitness equipment sector by acquiring a majority stake in The LandTek Group, a company focused on sports facility construction, and Byrom-Davey, Inc., another key player in the sports facility building industry. These acquisitions reflect Ten Cate's commitment to expanding its influence in the sports and recreation market, leveraging its market-leading product portfolio to enhance growth strategies in these sectors.


11. Market One Capital

  • Website: moc.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: m1c

Market One Capital is a venture capital firm based in Luxembourg, founded in 2017. The firm specializes in investing in innovative startups across various sectors, including FinTech, HealthTech, and AgriTech. They provide financial backing and strategic support to help these businesses grow and succeed in their respective markets. One notable transaction involving Market One Capital is their participation in the Series A financing of Eversports, a Vienna-based online sport booking service. This investment, announced on May 3, 2018, was aimed at supporting Eversports' expansion in the Germanic region and further development of their software, highlighting Market One Capital's interest in the sports and fitness sector, albeit indirectly.


12. Asics Emea

  • Website: asics.com
  • Type: Corporate
  • Headquarters: Hoofddorp, North Holland, Netherlands
  • Founded year: 1949
  • Headcount: 1001-5000
  • LinkedIn: asics-emea

Asics Emea, a corporate investor based in Hoofddorp, North Holland, Netherlands, is a subsidiary of ASICS Corporation, a renowned sportswear manufacturer founded in 1949. The company specializes in high-quality athletic footwear, clothing, and accessories designed for athletes and fitness enthusiasts. In 2016, Asics made a significant move in the fitness technology space by acquiring Runkeeper, a Boston-based fitness app, for $85 million. This acquisition allows Asics to leverage Runkeeper's user data and expertise in fitness tracking, enhancing their marketing capabilities and digital technology development. This strategic investment reflects Asics' commitment to integrating technology into the fitness experience, positioning them as a relevant player in the commercial fitness equipment industry.


13. Egeria

  • Website: egeriagroup.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1997
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: egeria

Egeria is a private equity investment firm based in Amsterdam, Netherlands, founded in 1997. The firm specializes in private equity and real estate, focusing on long-term value growth through strategic partnerships with healthy businesses and real estate projects. Egeria operates primarily in the Netherlands, DACH region, and North America, providing capital and strategic support to help businesses achieve sustainable growth. Recently, Egeria acquired a majority stake in Financial Lease Nederland B.V. and purchased Sonic Equipment, a global specialist in professional hand tools and storage solutions. While these transactions do not directly involve commercial fitness equipment, they demonstrate Egeria's active role in sectors related to equipment and tools, which may align with the fitness equipment industry.



Commercial Fitness Equipment Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Graduate Entrepreneur FundNetherlands11-5020219
Endeit CapitalAmsterdam, North Holland, Netherlands11-5020061
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
HPE GrowthAmsterdam, North Holland, Netherlands11-5020101
Capital MillsGorinchem, South Holland, Netherlands1-1020151
Saffelberg InvestmentsGooik, Flanders, Belgium1-1020071
IcecatAmsterdam, North Holland, Netherlands201-50019990
VerlinvestBrussels, Brussels, Belgium11-5019955
Ten Cate Protect B.V.Almelo, Overijssel, Netherlands201-50017042
Market One CapitalLuxembourg11-5020177
Asics EmeaHoofddorp, North Holland, Netherlands1001-500019490
EgeriaAmsterdam, North Holland, Netherlands11-5019974


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