Providence Equity Partners takes majority stake in Fitness Park

Providence Equity Partners agreed in October 2026 to take control of Fitness Park, at an enterprise value of €500M–1.5bn, investing through its ninth fund. Founder Philippe Herbette sold the majority after nine years alongside minority investors, while Future French Champions, the joint venture between Bpifrance and the Qatar Investment Authority, together with Momentum Invest and M Capital Partners, exited in full. The management team sold alongside them. The Carlyle Group provided 280 million euros of unitranche debt, two thirds of which refinanced the borrowings raised for the 2019 minority transaction, the balance funding the group’s development. Fitness Park operates gyms on the low-cost model: large floorplates fitted with machines and free weights, open long hours, staffed lightly and sold on monthly subscription at a fraction of the price charged by traditional clubs. Members join without commitment and pay whether or not they attend, which is what makes the economics work: revenue is recurring and predictable, while the cost of serving an additional member is close to nothing once the club is open. It operated more than 300 clubs in mainland France and over 450 worldwide, with close to 1.7 million members, most of them run by franchisees rather than owned directly. Providence already held VivaGym, which runs the same model in Spain and Portugal. The two together give it a position in the segment of the European fitness market that has taken share from mid-range operators, as members have moved either to budget chains or to boutique studios. White & Case advised Providence Equity Partners.