Bodytech Corporation, the second-largest gym company in Latin America co-founded by Endeavor Entrepreneurs Nicolas Loaiza Galeano and Gigliola Aycardi Batista, announced a significant growth capital investment by L Catterton, the largest consumer-focused private equity firm in the world. The investment – with participation from Endeavor Catalyst – will be used to support and accelerate Bodytech’s continued growth throughout Latin America.
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, the company has experienced rapid growth in major metropolitan markets across Latin America. Bodytech has approximately 280,000 customers and has continued to grow its annual revenues 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.
“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 Nicolas. “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.”
With access to the right resources, Nicolas and Gigliola are a testament to the high-impact potential of emerging market entrepreneurs and have been active members of the Endeavor network since their selection in 2007. The team has received expert advice and support from Endeavor’s eMBA, G-Lab and ECLA programs, with specific guidance given on the strategic planning and execution of the brand’s fitness training institutions. In addition, the entrepreneurs have attended Endeavor Summits and received local-level access to mentoring and networking opportunities.
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Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested over $19M into 34 Endeavor companies in 14 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.