In May 2009, after a two-year period analysing opportunities, Corpfin Capital invested in Ingesport and assisted the management team with an expansion plan to build a portfolio of major sports facilities based on concessions under the Go Fit brand, with a unique quality-price proposal. Since then, the company exceeded expectations, growing from 0 to 18 sports centres.
Ingesport successfully developed an exclusive business model and became a leader in the Spain, as well as entering the Portuguese market. From what was a small business with revenue of €2m and with 6 employees in 2009, it grew to become a market leader with a turnover of €40m and over 640 employees in 2015. In early 2016, Corpfin sold Ingesport to Torreal and Mutua Madrileña, achieving an outstanding return for its investors.
The financial support of Corpfin has been critical in the development of our expansion plan, but above all, we value their strategic vision and management support.
Gabriel Sáez CEO, Ingesport
What did the business need?
- Capital for expansion
- Strategic guidance
- Support for fast growth through opening new sport centres, including outside its domestic Spanish market
- Strong financial discipline
How did private equity backing create lasting value?
- Identified highly favourable concession model, ongoing support for management in its execution
- From a team of two, created a full blown management team and a complete corporate governance structure
- Launched Go Fit brand, based on a strong value-for-money proposition
- Imposed financial discipline, particularly for new openings or acquisitions
- Developed an international expansion plan
What outcomes did private equity investment achieve?
- Expanded from just one to 18 owned sites all over Spain in six years, with new sites planned
- Established new presence in Portugal, with planned entry to other markets
- Increased employee numbers from 46 to 640 between 2009 and 2015
- Grown member numbers from 9,573 to 144,625 between 2009 and 2015
- The concession-based model granted by municipalities has also expanded into agreements with other types of entity, such as religious orders