The commercial fitness equipment industry in Europe is a dynamic market characterized by a mix of established brands and innovative startups. Companies in this sector offer a range of products, from traditional gym equipment like treadmills and weight machines to cutting-edge solutions like smart fitness tech and connected wellness platforms. As health and wellness trends surge, there's a growing demand for both commercial gym facilities and home fitness equipment. Industry players are focusing on sustainable practices and integrating technology, responding to consumer preferences for convenience and personalized fitness experiences. Investment in new startups and smart technologies is advancing the field.

This report highlights eighteen notable investors in the commercial fitness equipment sector across Europe. With a blend of corporate investors, private equity firms, and venture capitalists, these entities vary in size from boutique firms to multinational companies. Ranging from the UK to Sweden and beyond, many were established in the late 20th century and are deeply rooted in the industry. In 2024, they conducted numerous deals, underscoring a robust interest in a sector poised for growth.

Top 18 Commercial Fitness Equipment Investors in Europe

1. Crowdcube

• Website: crowdcube.com
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2010
• Headcount: 51-200
• Number of deals in 2024: 3
• LinkedIn: crowdcube-limited

Crowdcube is a crowdfunding platform based in London, England, that enables businesses to raise capital through equity investments. Founded in 2010, it connects startups and SMEs with potential investors, facilitating the funding process. Crowdcube promotes diversity and inclusion within its workforce while providing investment management services to its clients. Notably, Crowdcube has been involved in several transactions relevant to the commercial fitness equipment sector, including Fiit, which raised $1,319,596 in March 2022, and 1Rebel, which raised $2,331,228 in December 2015. These investments highlight Crowdcube's engagement with companies that operate within the fitness industry, making it a significant player in this space.

2. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in MyMOWO, a digital training service that raised 2.8 million in venture capital, indicating their interest in the fitness sector. Additionally, they have participated in various funding rounds for companies like Stepler and Kvix, although these companies' direct relevance to commercial fitness equipment is less clear. Overall, Almi's diverse investment portfolio and support for innovative business models suggest a potential alignment with the commercial fitness equipment industry.

3. Frasers Group

• Website: frasers.group
• Type: Corporate
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1982
• Headcount: 10001+
• Number of deals in 2024: 20
• LinkedIn: frasers-group

Frasers Group plc is a corporate investor based in London, England, founded in 1982. The company operates a diverse portfolio of brands in the sports and fashion sectors, including Sports Direct and Jack Wills. It offers a wide range of products, including clothing, footwear, and sporting goods, and provides fitness services through its Everlast Fitness Club chain. Notably, Frasers Group has made strategic acquisitions that enhance its position in the fitness equipment market, such as the acquisition of Everlast Worldwide in 2007 for approximately $168.8 million, which is a prominent brand in the fitness equipment industry. In 2024, Frasers Group also announced the acquisition of Wiggle, a cycling retailer, which, while primarily focused on cycling, aligns with the broader fitness and sporting goods market. These transactions highlight Frasers Group's commitment to expanding its footprint in the fitness sector, making it a significant player in the commercial fitness equipment industry.

4. Ardian

• Website: ardian.com
• Type: Private Equity
• Headquarters: Paris, Île-De-France, France
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 21
• LinkedIn: ardian

Ardian is a prominent investment management firm founded in 1996, headquartered in Paris, Île-De-France, France. Specializing in private equity, real assets, and credit solutions, Ardian provides tailored investment strategies to institutional investors, family offices, and pension funds, enabling them to access high-quality private market investments. With a global presence and a commitment to sustainable finance, Ardian aims to create lasting value for its clients. Notably, Ardian has made significant investments in various sectors, including a private equity round for Fitnessboutique, which raised an undisclosed amount in February 2011, indicating their engagement in the commercial fitness equipment industry. Additionally, their diverse portfolio includes investments in e-commerce and technology companies, showcasing their broad investment strategy while still maintaining a foothold in the fitness sector.

5. Ldc

• Website: ldc.co.uk
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1981
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited (LDC) is a private equity firm based in London, England, specializing in providing growth capital and strategic support to mid-market businesses across various sectors. Founded in 1981, LDC is part of Lloyds Banking Group and focuses on fostering long-term partnerships to drive business success. Among their notable transactions, LDC backed The Training Room (TTR) in a £20 million funding round, which is significant as TTR operates in the fitness training sector. This investment highlights LDC's engagement with the fitness industry. Additionally, LDC has been involved in various acquisitions and funding rounds across different sectors, demonstrating their broad investment strategy while still showing interest in the fitness domain through their support of TTR.

6. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the commercial fitness equipment context, including a leading role in Gympass, which raised $85 million in a Series F funding round, highlighting their commitment to the fitness industry. Additionally, their acquisition of XXL Sport & Villmark, a major sports retail chain in the Nordic region, underscores their strategic interest in the sports and fitness market, further solidifying their position as a relevant investor in this space.

7. Verdane

• Website: verdane.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1985
• Headcount: 51-200
• Number of deals in 2024: 7
• LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has been involved in several transactions relevant to the commercial fitness equipment sector, including leading a €95 million funding round for Urban Sports Club, a company that offers flexible fitness memberships, and acquiring Eversports, a platform that connects users with fitness studios and activities. These investments highlight Verdane's commitment to supporting growth in the fitness industry.

8. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a strong emphasis on operational efficiency and sustainable growth. Altor has been involved in several notable transactions, including their investment in SATS GROUP, a leading fitness chain, which highlights their engagement in the commercial fitness equipment industry. Additionally, they have invested in XXL Sport & Villmark, a retailer that offers sporting goods, further showcasing their interest in the fitness and sports sector. Altor's approach combines tailored investment strategies with digital transformation solutions, positioning them as a valuable partner for businesses in the commercial fitness equipment market.

9. Kima Ventures

• Website: kimaventures.com
• Type: Venture Capital
• Headquarters: Paris, Île-De-France, France
• Founded year: 2010
• Headcount: 1-10
• Number of deals in 2024: 50
• LinkedIn: kima-ventures

Kima Ventures is a venture capital firm based in Paris, Île-De-France, France, founded in 2010. The firm specializes in investing in early-stage startups across various sectors, providing financial support and mentorship to help them grow. Kima Ventures backs two startups per week, demonstrating a high level of activity in the investment space. Notably, they have invested in Barooders, a France-based used-sporting-goods marketplace, which aligns with the commercial fitness equipment sector. Other relevant transactions include investments in companies like Colizey, which may also relate to sports and fitness, although not directly in fitness equipment. Their diverse portfolio and active investment strategy make them a noteworthy player in the venture capital landscape, with potential relevance to the fitness equipment industry.

10. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that specializes in developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In recent years, Indutrade has made several acquisitions, including Primed Fysio och Rehab AB, a supplier of professional physiotherapy equipment, which highlights their engagement in the fitness and rehabilitation market. This acquisition, along with others in the medical and industrial sectors, showcases Indutrade's strategy of diversifying its portfolio while maintaining a focus on high-quality, technical expertise in its investments.

11. IK Partners

• Website: ikpartners.com
• Type: Private Equity
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 14
• LinkedIn: ik-investment-partners

IK Partners is a private equity firm based in London, England, specializing in mid-market investments across Europe. Founded in 1989, the firm focuses on providing capital and strategic support to businesses in various sectors, including Business Services, Healthcare, Consumer, and Industrials. Notably, IK Partners acquired Actic, a company that operates fitness centers, on July 24, 2012, which highlights their involvement in the commercial fitness equipment space. Additionally, their diverse portfolio includes investments in companies like Defibrion, a distributor of automated external defibrillators, and Ondal Medical Systems, showcasing their interest in health-related sectors. By partnering with management teams, IK Partners aims to enhance growth and create long-term value for their portfolio companies, including those in the fitness industry.

12. SoftBank Investment Advisers

• Website: visionfund.com
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2017
• Headcount: 201-500
• Number of deals in 2024: 14
• LinkedIn: softbank-investment-advisers

SoftBank Investment Advisers, also known as the SoftBank Vision Fund, is a venture capital fund based in London, England, founded in 2017. The fund primarily invests in technology-focused companies, particularly those developing innovations in artificial intelligence. With a diverse portfolio, SoftBank has made significant investments across various sectors, including health tech and fintech. In the commercial fitness equipment context, they have led notable transactions such as a $220 million investment in Tempo, a cutting-edge home weight training system, and participated in funding rounds for WHOOP, a fitness tracking company, and Keep, a popular Chinese fitness app. These investments reflect SoftBank's commitment to fostering technological advancements in the fitness industry, making them a key player in the commercial fitness equipment market.

13. European Investment Bank (EIB)

• Website: eib.org
• Type: Corporate
• Headquarters: Luxembourg
• Founded year: 1958
• Headcount: 1001-5000
• Number of deals in 2024: 99
• LinkedIn: european-investment-bank

The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB serves both public and private organizations seeking funding for initiatives that promote growth and job creation. Among its notable transactions, the EIB has provided debt financing to EGYM, a company specializing in fitness equipment, which raised approximately $29.4 million in December 2017. Additionally, the EIB has been involved in financing other companies such as Ottobock and Blubrake, although these are not directly related to the fitness equipment sector. The EIB's support for EGYM highlights its engagement in the commercial fitness equipment industry, albeit as part of a broader investment strategy.

14. Nordic Capital

• Website: nordiccapital.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1989
• Headcount: 201-500
• Number of deals in 2024: 10
• LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and is known for partnering with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital focuses on creating long-term value and sustainability in its investments. Notably, they have made significant strides in the commercial fitness equipment industry, including the acquisition of BRP Systems, a leading Nordic SaaS ERP platform for the fitness industry, which aims to support growth and international expansion. Additionally, their investment in Unisport, a football equipment retailer, showcases their commitment to the sports and fitness market. These transactions highlight Nordic Capital's strategic interest in enhancing operational capabilities and expanding their footprint in the fitness sector.

15. Seventure Partners

• Website: seventure.fr
• Type: Venture Capital
• Headquarters: Paris, Île-De-France, France
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 21
• LinkedIn: seventure-partners

Seventure Partners is a Paris-based venture capital firm founded in 1997, specializing in managing funds for innovative companies primarily in the digital technology and life sciences sectors. They focus on supporting startups and growth-stage companies through strategic funding. Notably, Seventure has been involved in several transactions relevant to the commercial fitness equipment context, including a significant investment in bsport solution, which raised over $31 million in a Series B round in December 2024, and previously raised $4.3 million in a Series A round in April 2023. These investments highlight their engagement in the fitness sector, showcasing their commitment to supporting companies that enhance fitness solutions and services.

16. Bgf

• Website: bgf.co.uk
• Type: Venture Capital
• Headquarters: London, England, United Kingdom (UK)
• Founded year: 2011
• Headcount: 51-200
• Number of deals in 2024: 53
• LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm based in London, England, founded in 2011. The firm specializes in providing growth funding and value creation support to small and mid-sized businesses across the UK and Ireland. BGF focuses on addressing the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in companies within the commercial fitness equipment sector, including Gymbox, which raised significant funds in Series B and C rounds, indicating a strong interest in the fitness industry. Additionally, BGF's investment in MYZONE, a fitness technology company, further highlights their engagement in the fitness space. These transactions demonstrate BGF's commitment to supporting businesses that contribute to the growth of the commercial fitness equipment market.

17. M Capital

• Website: mcapital.fr
• Type: Private Equity
• Headquarters: Toulouse, Occitanie, France
• Founded year: 2002
• Headcount: 51-200
• Number of deals in 2024: 1
• LinkedIn: midi-capital

M Capital is a private equity investment firm based in Toulouse, Occitanie, France, founded in 2002. The firm specializes in private equity, venture capital, real estate, and private debt, focusing on responsible investment strategies that align with economic, environmental, and social values. M Capital caters to a diverse clientele, including private investors, institutional clients, and public organizations. Notably, M Capital has made several investments in the commercial fitness equipment sector, including Fitnessboutique, which raised approximately $4.87 million in a venture round in 2017, and Fitness Park, which secured funding in a seed round in 2013. Other relevant investments include Go Fitness, RecFrance, and Fitnext, showcasing M Capital's active role in supporting businesses within the fitness industry. Their approach aims to create value through impactful investments while also offering training services to enhance investor knowledge.

18. 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. CVC has a diverse portfolio, but one of their notable transactions in the commercial fitness sector includes the acquisition of a majority stake in Virgin Active, a gym chain owned by Richard Branson’s Virgin Group, announced on October 1, 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 sectors, including fitness. Other transactions, while not directly related to fitness, showcase CVC's broad investment approach and capability in managing significant assets across different industries.

Commercial Fitness Equipment Insights: Key Investors in Europe

Investor	Headquarter	Size	Founded	Deals 2024
Crowdcube	London, England, United Kingdom (UK)	51-200	2010	3
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Frasers Group	London, England, United Kingdom (UK)	10001+	1982	20
Ardian	Paris, Île-De-France, France	1001-5000	1996	21
Ldc	London, England, United Kingdom (UK)	51-200	1981	15
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Kima Ventures	Paris, Île-De-France, France	1-10	2010	50
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
IK Partners	London, England, United Kingdom (UK)	201-500	1989	14
SoftBank Investment Advisers	London, England, United Kingdom (UK)	201-500	2017	14
European Investment Bank (EIB)	Luxembourg	1001-5000	1958	99
Nordic Capital	Stockholm, Stockholm, Sweden	201-500	1989	10
Seventure Partners	Paris, Île-De-France, France	11-50	1997	21
Bgf	London, England, United Kingdom (UK)	51-200	2011	53
M Capital	Toulouse, Occitanie, France	51-200	2002	1
Cvc	Luxembourg	1001-5000	2005	16

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