The company acquires 103 Velocity units, specializing in indoor cycling and functional training
The group Smart fit announced on Tuesday 16th the full acquisition of the network of indoor bike studios Speedfor R$183 million. There are 103 units that will be integrated into the 1,500 gyms that Smart Fit manages spread across 380 cities in Brazil and 15 countries in Latin America.
Velocity was founded in Brazil in 2014 by New Zealander Shane Young and Australian Declan Sherman. The group has become one of the most popular spinning studios in the country. Smart Fit’s statement says Young will continue with the company.
The 103 Velocity units are distributed in 43 Brazilian cities, 22 of them in the capital São Paulo. Of the total, 83 are studio flats indoor bike and 20 more are unitas they also offer functional training. The studio model is generally known for being smaller than a traditional gym and, in most cases, is focused on a specific activity.
In addition to bodybuilding gyms and other activities, Smart Fit was already active in the studio sector. Today, the company has 58 studios, 56 in Brazil and two in Portugal. Of the total, 30 are owned and 28 are franchised. It offers the following physical activities in its studios: indoor running and functional training (Race Bootcamp); hot yoga (Vidya); boxing (Jab House); Pilates through the One Pilates brand; and various bodybuilding exercises through Tonus Gym.
Expansion
Smart Fit’s note says it will invest in franchising to increase the number of units. Without specifying a date, the company says 65 new studios will open in the coming months.
In a report for the first quarter of this year, Smart Fit said it opened 31 units in the first three months of this year alone. In the last 12 months, it has opened 238.
In the first quarter, there were 395 thousand new members, which brought the company to the threshold of 4.5 million members. Net revenues reached a record level of R$ 1.3 billion, 28% more than in the same period of 2023.
Source: Terra
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