ICM Wellness acquired by GBH (Groupe Bernard-Hayot)
Context
Structured as a strategic acquisition, GBH takes control of ICM Wellness, the operator of the Keepcool and Neoness fitness networks. The transaction was announced on Monday, 22 September 2026, marking the entry of the Martinique‑based Groupe Bernard‑Hayot into the fitness sector after a long history in automotive distribution, food retail and diversified industrial activities. ICM Wellness, a family‑owned business, runs close to 300 clubs across France and Belgium and serves roughly 480,000 members under the two brands. The French fitness market, valued at more than €2.5 billion and comprising about 5,000 clubs, still exhibits a penetration rate of around 10 %, well below that of neighbouring countries, indicating ample room for growth. GBH intends to exploit this gap by adding approximately 150 new locations by 2030 and by investing in the renovation and modernization of existing facilities, thereby enhancing the member experience without eroding price competitiveness. The group emphasises that the quality of the brands, the commitment of their teams and the robustness of the underlying business model constitute the principal levers for scaling the operation in France, across Europe and eventually on a broader international stage. Both Keepcool and Neoness will be retained as distinct brands and will continue to be managed by their current executive teams, ensuring continuity while the parent company provides additional capital and strategic oversight. The acquisition delivers GBH an immediately operational platform in a high‑growth market, diversifying its portfolio and creating a new long‑term growth pillar that aligns with its broader diversification strategy. The deal was executed without public disclosure of the purchase price; financing is expected to combine internal cash resources with external debt facilities, consistent with GBH’s prudent capital structure. This transaction therefore expands the group’s footprint into the wellness arena while preserving the operational strengths that have driven ICM Wellness’s success to date.
ICM Wellness, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
-> Deep-dive in Retail & Consumer market trends
Target
Founded in 1975 as an independent family-owned enterprise, ICM Wellness operates as a prominent specialized provider in the French and Belgian fitness sector. The organization coordinates a dense physical network comprising nearly 300 sports clubs distributed across its operational territories. Through its two primary consumer brands, Keepcool and Neoness, the entity manages an active subscriber base of approximately 480,000 members. Under the executive leadership of Chief Executive Officer Charles Edouard Marquet, the group focuses its commercial model on providing accessible physical training environments. The operational architecture integrates proprietary digital tools with localized human coaching to support everyday health routines for its consumer base. By maintaining a clear positioning aimed at the broader public, the division continuously supplies equipped training spaces and personalized guidance to its massive demographic. The physical footprint relies heavily on standardized club formats designed to accommodate high-volume daily usage while ensuring rigorous technical maintenance of the exercise equipment.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Similar deals in Hospitality & Leisure
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2026 | CLEARLAKE CAPITAL | Chelsea Football Club | UNITED KINGDOM | Leisure Facilities |
| 09/2026 | L CATTERTON | HYROX | GERMANY | Leisure Facilities |
| 09/2026 | L CATTERTON | Nandhana Foods | INDIA | Restaurants / Chains |
| 08/2026 | BAIN CAPITAL | GONG CHA GROUP | TAIWAN | Restaurants / Chains |
| 07/2026 | FRENCH FOOD CAPITAL / BPIFRANCE | EMMA | FRANCE | Restaurants / Chains |
| 07/2026 | BASIC-FIT | WELLYOU | GERMANY | Leisure Facilities |
| 06/2026 | QUADRIVIO GROUP / CAPDESIA GROUP | ALICE PIZZA | ITALY | Restaurants / Chains |
| 06/2026 | MUBADALA | PIERRE ET VACANCES - CENTER PARCS | FRANCE | Hotels & Accommodation |
| 06/2026 | LONGRANGE CAPITAL | PIZZA HUT | UNITED STATES | Restaurants / Chains |
| 06/2026 | EKKIO CAPITAL / BPIFRANCE / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT) / BNP PARIBAS DEVELOPPEMENT | CALICÉO | FRANCE | Leisure Facilities |
REFERENCES
Revenue range: 50M - 100M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ICM Wellness by GBH (Groupe Bernard-Hayot) are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: gbh (groupe bernard-hayot)