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10 Jul 2023
Pedro and Connie Ruiz sell VivaFit and Personal20 to Balance Company
BY
Liz Terry
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Pedro Simão (left), clinches the deal with Pedro Ruiz
photo: Group Balance Company
Pedro Simão, CEO of Balance Company, says the company has acquired a 100 per cent shareholding in international franchise brands VivaFit and Personal 20 from founders Pedro Ruiz and Connie Ruiz for an undisclosed amount. VivaFit is a brand of boutique gym for women, while Personal20 is a boutique EMS studio concept. VivaFit was founded in 2002 and grew via franchising into a number of countries, including Portugal, Spain, Singapore, India, Saudi Arabia, Taiwan, Kazakhstan, Abu Dhabi, Oman and Indonesia.
Balance Company already has a network 16 gyms (13 in Portugal and three further afield) and eight studios (seven in Portugal and one in Abu Dhabi).
Following this acquisition, Balance Company now operates five brands – FitnessFactory, Balance Club, FT30, Vivafit and Personal20, in 61 locations – in five countries (Portugal, Spain, Uruguay, UAE and India).
Simão told HCM the company plans to invest heavily in franchising to drive expansion, saying: “We want to continue doing what we have always been passionate about: democratising fitness, but now we won’t just be growing the brands we founded – with the purchase of VivaFit and Personal20, we have the right brand to help anyone who wants to open their own fitness business in a specific market niche.
“We’re excited about the challenge of learning new things and having the opportunity to contribute to the relaunch of a brand such as VivaFit," he said. "It has been a market leader and an example of growth and sustainability at a European level.”
Balance Company is aiming to get to 50,000 customers across 70 locations by the end of 2023, which would mean growth of more than 100 per cent compared to 2022. Simão says turnover projections for the year are in excess of €25m.
This year, in addition to the acquisition, Balance Company has also opened three new Fitness Factory gyms, with eight more scheduled for opening by the end of August. It has also launched a new brand called FT30, which is aiming to ‘reinvent the concept of training,’ around a 30 minute workout.
From the archives
See HCM's interview with Pedro and Connie Ruiz in 2009 here. Turn to page 30.
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