Alter Capital takes control of Wifit Gyms and strengthens its commitment to the fitness sector

Spanish private equity firm Alter Capital Desarrollo has increased its stake in Wifit Gyms, becoming the majority shareholder with approximately 55% ownership. This new capital injection comes one year after its initial minority investment and follows the strong performance of the fitness chain, which has reached 9,000 subscribers in its first year of operations, according to Ángel González, partner at Alter Capital.

The investment aims to accelerate Wifit Gyms’ expansion plan across the Iberian Peninsula, amid a boom in the fitness industry. In recent years, various private equity funds and family offices have moved into the sector to build national champions — including Portobello in Sidecu, Formentor Capital in BeOne, Seas Capital in Synergym, and Torreal in GoFit.

Wifit Gyms, founded by José Luis Torrecilla and Íñigo Moreno-Luque (both of whom retain minority stakes), currently operates five fitness centers in Spain, most of them located in Madrid. The next opening is scheduled for the Chamberí neighborhood, and the company plans to launch four additional locations by 2026.

This move comes at a time of heightened investor activity in the fitness space. Torrecilla and Moreno-Luque bring prior experience to the table, having previously sold their first project, IFitness, to the Altafit group — then owned by MCH Private Equity and now part of U.S. megafund Providence, which is driving consolidation in the Spanish market.

Alter Capital: An active and expanding investor

With teams based in Seville and Madrid, Alter Capital holds both majority and minority positions in a range of companies. In 2023, it acquired Trending Corporate, a producer of cosmetics and nutritional supplements, and its portfolio includes:

Dental Company, a chain of dental clinics currently up for sale, with Arcano as advisor.
Kampaoh, a Spanish glamping operator also backed by JME Ventures.
Dawn Energy, which develops photovoltaic assets for industrial use.
Wuolah, a university platform for sharing academic notes.

Although Alter Capital traditionally invests tickets of up to €10 million, it has recently expanded its scope through a managed account with a pan-European fund (whose identity remains undisclosed), enabling it to pursue buyouts of up to €35 million.