Stay Fit Gym acquired by 18GYM

18GYM, the Romanian fitness chain backed by Enterprise Investors, signed an agreement on 6 October 2026 to combine with Stay Fit Gym, acquiring the stake held by Morphosis Capital Fund I, which exited in full after five years. The founders of Stay Fit Gym became minority shareholders of the combined group, alongside the founders of 18GYM and Enterprise Investors Fund IX, which holds a significant minority position. Completion remained subject to Romanian merger control and foreign investment clearance, expected within about four months, the two chains continuing to operate separately until then. Founded in 2012, Stay Fit Gym operates low-cost fitness clubs offering weight training, cardio equipment, group and children’s classes, personal coaching and saunas, in cities of more than 50,000 inhabitants. It ran 77 clubs across 41 cities with more than 92,000 members, concentrated in Bucharest and in eastern and southern Romania, and expected revenue of €34m and EBITDA of €5–25M for 2026. When Morphosis Capital invested in 2021, the company operated seven clubs in Bucharest, generating 1.7 million euros of revenue and 0.5 million of EBITDA. Both figures rose roughly twentyfold over the holding period. The expansion combined organic openings with acquisitions of independent operators, funded by fund capital, operating cash flow and bank debt, alongside investment in the management structure and in the systems supporting club operations. The sale was expected to return up to 4.6 times invested capital net and an internal rate of return above 40%, and would be the third full exit from Morphosis Capital Fund I, after Dr. Leahu Dental Clinics in 2023 and DocProcess in 2025. The combined group operates more than 120 clubs and approximately 130,000 members under both brands. Low-cost fitness turns on density and utilisation: subscriptions are priced below what a single club can sustain, and the model works only across an estate large enough to spread marketing, equipment purchasing and head office costs. DC Advisory advised Morphosis Capital and the founders of Stay Fit Gym, with Stratulat Albulescu as legal counsel, while RTPR advised Enterprise Investors and 18GYM.