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Thursday, September 18, 2025

SmartFit to Raise $445M in IPO

SmartFit/Design: Alex Brooks

SmartFit, one of Latin America’s biggest gym chains, is set to raise $445 million in an IPO.

The Brazilian chain operates more than 900 gyms and counts Singapore’s sovereign wealth fund and Canada’s largest pension fund as backers. 

SmartFit announced intentions to go public in May after a string of acquisitions.

Last year, the company bought a controlling stake in Queima Diária, a video-on-demand training platform. In March, it announced a deal to acquire gym network Just Fit.

SmartFit is also reportedly in merger negotiations with Mexican Sports World. It’s one of many gyms eyeing a public listing.

  • Equinox, SoulCycle’s parent company, was in talks to go public via a merger with SPAC Social Capital. This week, reports revealed that the deal is now off due to disagreements about how to value the combined company.
  • Crescent Acquisition is acquiring Mark Wahlberg’s F45 Gym and taking it public — the combined company will be worth $845 million.
  • Xponential Fitness announced its revived plans to go public in April after purchasing Rumble for $300 million. Bloomberg estimated the brand could be valued at $1.3 billion.

In Q1, SmartFit stood at 2.4 million clients — a decrease from the 2.8 million it had pre-pandemic.

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