Smart Fit takes 60% of Evolve in US$25.6M gym deal
What's the deal? Smart Fit has completed its acquisition of a controlling stake in Evolve, a gym chain operating in Brazil's Federal District. The deal, announced in December 2025, gives the listed company 60% of Evolve's share capital through a subscription of new ordinary shares.
What are the terms? Smart Fit committed to inject US$10.2M into Evolve, plus a further US$15.3M subject to certain conditions being met. It said the final stake could still be adjusted based on Evolve's net debt at closing, without affecting the capital injections.
What does Evolve do? The chain runs 30 gyms of its own and is building more units, concentrated in the Federal District. Smart Fit said the acquisition adds gyms in strategic commercial locations.
What's the endgame? Smart Fit framed the deal as part of its expansion strategy. "The acquisition of Evolve is in line with Smart Fit's expansion strategy and strengthens its presence in the Centre-West region," the company said in a statement.
The signal: Latin America's largest gym operator continues to grow through targeted acquisitions, folding regional chains into its network to deepen coverage in Brazil's less-saturated markets.
Read more: Valor Econômico
Image credit: Codelocks
