Business

Canadian fund buys 12% of Smart Fit, Latin America's largest fitness centers chain

Created in 1996, the company has 2.5 million customers in 10 countries

Smart Fit unit in Rio de Janeiro
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According to Reuters, Canadian pension fund CPPIB has just announced the acquisition of 12.4% of Latin America’s largest fitness centers chain Smart Fit for BRL 1.07 billion.

“Smart Fit offers the opportunity to increase our exposure in Latin America … Smart Fit is well positioned to take advantage of the increased interest in health and fitness in the region,” said the fund’s director of equity investments for Latin America. , Tania Chocolat, in a statement.

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Founded in 1996, Smart Fit is the largest chain of fitness centers in Latin America, with 2.5 million customers and more than 700 cities from 10 countries.

According to the Brazilian business website Infomoney, Smart Fit accumulated losses of BRL 6.8 million in 2019. On the other hand the company’s revenue jumped 80% over the same period last year to BRL 1.4 billion.