L Catterton made a growth capital investment in Bogota, Columbia-based Bodytech Corp, the second-largest gym company in Latin America, according to a news release. Terms of the transaction were not disclosed. Bodytech is the first investment by the L Catterton Latin America fund.
BOGOTA, Colombia and GREENWICH, Conn. and LONDON, March 4, 2016 /PRNewswire/ — Bodytech Corporation (“Bodytech”), the second-largest gym company in Latin America, today announced a significant growth capital investment by L Catterton, the largest consumer-focused private equity firm in the world. L Catterton’s investment will be used to support and accelerate Bodytech’s continued growth throughout Latin America. Terms of the transaction were not disclosed.
Bodytech has more than 140 locations in Colombia, Peru and Chile. Its offerings include full service gyms (via the Bodytech & Sportlife brands), high performance gyms (Bodytech Sports Medicine), gyms for kids (Bodytech Active Kids) and Life Fitness gym products sold for personal and commercial use. Bodytech is focused on building full-service gym locations with offerings such as advanced cardio and weight training, group classes from indoor cycling to pilates and yoga, swimming pools, and sauna/spa services. In addition, Bodytech has a network of doctors, physiotherapists and nutritionists to provide integrated health services to its members.
Since its founding in 1997 by Nicolás Loaiza and Gigliola Aycardi, the company has experienced rapid growth in major metropolitan markets across Latin America. Bodytech has approximately 280,000 customers and has grown its annual revenues by 20 percent per year in recent years. With gym penetration low across the region and increasing demand for wellness offerings, Bodytech and L Catterton see a significant opportunity to continue the company’s growth through organic and inorganic expansion. Mr. Loaiza will remain Chief Executive Officer and Ms. Aycardi will remain Executive Vice President of the company.
“This investment will allow us to continue our rapid growth and expansion to help more people in the region improve their health and well-being through exercise and better nutrition,” said Mr. Loaiza. “The fact that the preeminent consumer investor is partnering with Bodytech demonstrates the strong positioning of our product. We plan to put the investment to use quickly, accelerating our development of gyms in Colombia, Peru and Chile, and we anticipate opening new geographies in the future. With L Catterton, we will have the resources, industry knowledge and global expertise that we need to take our brand to the next level.”
“We are excited to partner with Bodytech, the fitness market leader in Latin America,” said Dirk Donath, Managing Partner, L Catterton Latin America. “Bodytech is uniquely positioned to capture growth across various segments of the fitness category, which has been fueled by increased consumer awareness of health, wellness and nutrition. We look forward to partnering with Bodytech’s strong team to support the company’s expansion plans. Bodytech is the first investment from the LCLA II fund, and an ideal complement to L Catterton’s health and wellness oriented portfolio.”
Bodytech is the first investment by the L Catterton Latin America (“LCLA II”) fund, which will focus on investing in the Latin American region. L Catterton has significant experience investing in the high growth fitness, wellness and athletics space, including investments in Core Power Yoga, the leading yoga studio operator; Pure Barre, the largest and most recognized barre fitness concept; Peloton, a cutting edge provider of technology enabled, vertically integrated, at-home fitness offerings; and Sweaty Betty, a premium international activewear brand.
Bodytech, the second-largest gym company in Latin America, was created in 1997 by Nicolás Loaiza and Gigliola Aycardi as part of their MBA graduation project for the University of the Andes in Bogota, Colombia. Currently, it has more than 75 locations in Colombia, 18 in Peru, and 48 in Chile. Its aim is to help more people in Latin America improve their health and well-being through exercise and improved nutrition. Bodytech’s offerings include full service gyms, high performance gyms, gyms for children and Life Fitness gym products sold for personal and commercial use. Bodytech is focused on building full-service gym locations across Latin America with offerings such as advanced cardio and weight training, group fitness classes, swimming pools, saunas and spa services. In addition, Bodytech has a network of doctors, physiotherapists, and nutritionists to provide integrated health services to its members. Bodytech is an active member of Endeavor, the leading high-impact entrepreneurship network around the world. Aycardi and Loaiza were nominees to the World Entrepreneur of the Year Award from Ernst & Young in 2015.
About L Catterton
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage and the strong track record of LVMH and Groupe Arnault’s existing European and Asian private equity and real estate operations, conducted under the L Capital and L Real Estate franchises. L Catterton invests in all major consumer segments, including: Food and Beverage, Retail and Restaurants, Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. L Catterton’s investments include: Peloton, Restoration Hardware, CorePower Yoga, Sweaty Betty, Outback Steakhouse, Plum Organics, Chopt Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Hopdoddy, Vroom, Snap Kitchen, Frederic Fekkai, PIRCH, Build-A-Bear Workshop, Wellness pet food, Nature’s Variety pet food, Kettle Foods, Odwalla, P.F. Chang’s, Ba&sh, Sandro and Maje, CellularLine, Vicini / Zanotti, Cigierre, Gant, Nutrition and Sante, Pepe Jeans & Hackett, 2XU, Charles & Keith, Marubi, Bateel, Sasseur, Emperor Watch and Jewelry, Miami Design District and G6 in Ginza – Tokyo, to name a few. More information about L Catterton can be found at lcatterton.com.