Arcano advised Grupo Supera, backed by Portobello Capital, on the refinancing of the debt

ARCANO acted as exclusive financial advisor to Grupo Supera on the refinancing of its debt, with Allianz Global Investors as institutional lender.

Transaction rationale:

The transaction allows the refinancing of the Group’s existing debt, simplifying its capital structure and achieving a significant reduction of its financing cost.

The refinancing provides the Group with a new CapEx facility to execute its business plan, including the completion & ramp-up of centers currently under development in Portugal, as well as advancing its international expansion in Italy.

The refinancing, including the new CapEx facility, has been provided by Allianz Global Investors as institutional lender.

Grupo Supera is one of the leading concession-based sports center operators in Iberia. The Group operates 49 centers across Spain and Portugal, combining large-scale concession facilities with 24-hour private gyms. Its concession model enables access to strategic urban locations through long-term contracts with public administrations, under a stable and predictable concession fee structure. This positioning allows the operation of large-scale sports infrastructures — including indoor and outdoor swimming pools; spa and wellness areas; multi-activity studios; fitness and strength training areas; functional training zones; and on-site parking — at accessible price points, while maintaining high occupancy levels and strong revenue recurrence. The Group is also driving its international expansion, with several projects in Italy already awarded or under tender, although not yet operational. In the design and operation of its centers, Supera incorporates sustainability and energy-efficiency measures.
Portobello Capital is a leading Southern European private equity firm focused on the mid-market segment and headquartered in Spain. Since its investment, Portobello has driven the Group’s professionalization, expansion, and financial strengthening, supporting both organic growth and the platform’s international development.
Allianz Global Investors is a leading active asset manager, with a strong track record in private markets and infrastructure financing.

This transaction further reinforces ARCANO’s position as a leading financial advisor in the fitness sector in Iberia, particularly within the concession-based segment. ARCANO has historically supported Grupo Supera across multiple strategic and financing transactions, building a long-term relationship with the Group and its shareholders. The firm has also been a pioneer in positioning the concession-based fitness sector as an “infra-like” asset class.