Ancala buys Spanish gym chain Supera from Portobello in €360M deal
What's the deal? Infrastructure fund Ancala PartnersDealroom has a profile for this one. Try Dealroom → has agreed to buy a majority stake in Spanish gym chain Supera (Grupo Sidecu) from private equity firm Portobello CapitalDealroom has a profile for this one. Try Dealroom → in a deal valued at €360 million, debt included. The transaction, which also includes shares from other shareholders, closes Portobello's exit from one of its longest-held portfolio companies.
Why now? Portobello has controlled 58% of Supera since 2017 and received clearance from Spain's competition regulator, the Comisión Nacional de los Mercados y la Competencia (CNMC), to complete the sale.
What's the endgame? The capital will fund Supera's organic growth, accelerate its expansion in Spain and Italy, and support new gym openings across the Iberian fitness market. Based in A Coruña, Galicia, the company employs more than 1,100 people.
Supera's parent, Sidecu, closed 2025 with turnover of €58.54 million and operating profit of €9.4 million, on EBITDA of roughly €25 million. It expects EBITDA to reach €29.6 million by 2028.
The signal: An infrastructure fund taking control of a gym operator points to fitness real estate being treated as a long-term asset class, not just a consumer play — a framing that broadens the pool of buyers for European chains.
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