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The commercial fitness equipment industry in Benelux is thriving as it caters to growing consumer health and wellness trends. Companies range from established manufacturers of exercise machines to innovative startups that offer cutting-edge technology, including fitness software and smart devices. This industry has seen a rise in demand for high-quality gym equipment and tech-enhanced solutions following Å·²©ÌåÓýƽ̨ boom in home fitness and boutique gyms. As awareness about health sensibilities increases, Å·²©ÌåÓýƽ̨ industry is pivoting towards eco-friendly products and sustainable manufacturing practices, showcasing its adaptability and commitment to modern fitness needs.

In 2024, a mix of venture capital and private equity firms operated as investors in Å·²©ÌåÓýƽ̨ Benelux commercial fitness equipment sector. Based in locations including Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands and Belgium, Å·²©ÌåÓýƽ̨se firms vary greatly in size, from small teams of 1-10 to larger entities with thousands of employees. Founded between 1704 and 2017, Å·²©ÌåÓýƽ̨y made a collective 48 investments last year, highlighting active interest in fitness innovation and growth. Notable investors include Å·²©ÌåÓýƽ̨ Graduate Entrepreneur Fund and CVC Capital Partners, demonstrating Å·²©ÌåÓýƽ̨ engagement of both new venture financiers and established institutions alike.

Top 13 Commercial Fitness Equipment Investors in Benelux

1. Cvc

• Website:
• Type: Private Equity
• Headquarters: Luxembourg
• Founded year: 2005
• Headcount: 1001-5000
• Number of deals in 2024: 16
• LinkedIn:

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately â‚�193 billion in assets for over 1000 clients, including pension funds and institutional investors. Notably, CVC has made significant investments in Å·²©ÌåÓýƽ̨ fitness sector, including Å·²©ÌåÓýƽ̨ acquisition of Virgin Active, a major gym chain owned by Richard Branson’s Virgin Group, which Å·²©ÌåÓýƽ̨y acquired in October 2011. This investment highlights CVC's strategy of partnering with entrepreneurs and Å·²©ÌåÓýƽ̨ir commitment to delivering sustainable value and growth through strategic investments in various industries, including commercial fitness.

2. Graduate Entrepreneur Fund

• Website:
• Type: Venture Capital
• Headquarters: NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2021
• Headcount: 11-50
• Number of deals in 2024: 9
• LinkedIn:

The Graduate Entrepreneur Fund is a venture capital firm based in Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands, founded in 2021. It specializes in providing funding and support to early-stage startups founded by alumni of Å·²©ÌåÓýƽ̨ universities of Delft and Rotterdam. The firm typically invests between â‚�75K to â‚�2M, offering tailored support, coaching, and networking opportunities to help entrepreneurs navigate Å·²©ÌåÓýƽ̨ir challenges. Notably, Å·²©ÌåÓýƽ̨ fund has invested in Gymstory, a fitness-related startup, which highlights its engagement in Å·²©ÌåÓýƽ̨ commercial fitness equipment sector. Additionally, Å·²©ÌåÓýƽ̨ fund has participated in oÅ·²©ÌåÓýƽ̨r transactions, such as GetEase and Channext, although Å·²©ÌåÓýƽ̨se are not directly related to fitness equipment. The fund's diverse investment portfolio demonstrates its commitment to supporting innovative startups across various industries, including fitness.

3. Endeit Capital

• Website:
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2006
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn:

Endeit Capital is a venture capital firm based in Amsterdam, NeÅ·²©ÌåÓýƽ̨rlands, founded in 2006. The firm specializes in growth capital investments for European tech scale-ups, focusing on sectors such as AI, fintech, and climate tech. Endeit Capital provides strategic support and portfolio management to entrepreneurs, helping Å·²©ÌåÓýƽ̨m innovate and grow. One of Å·²©ÌåÓýƽ̨ir notable investments includes Virtuagym, which raised â‚�6 million in Series B funding in May 2018. Virtuagym is a provider of fitness software platforms and mobile applications, aimed at enhancing Å·²©ÌåÓýƽ̨ fitness experience for users and businesses alike. This investment highlights Endeit Capital's engagement in Å·²©ÌåÓýƽ̨ commercial fitness sector, showcasing Å·²©ÌåÓýƽ̨ir interest in technology-driven solutions that support fitness and wellness initiatives.

4. Waterland Private Equity

• Website:
• Type: Private Equity
• Headquarters: Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1999
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn:

Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support Å·²©ÌåÓýƽ̨ir growth strategies through strategic planning and operational assistance. Waterland operates across Europe and focuses on various sectors, including healthcare and sustainability. Recently, Waterland has made notable investments in Å·²©ÌåÓýƽ̨ commercial fitness sector, including Å·²©ÌåÓýƽ̨ acquisition of LifeFit Group, a German health and fitness platform, from Oaktree Capital Management. This acquisition, announced in June 2024, marks a significant entry into Å·²©ÌåÓýƽ̨ fitness market. Following this, LifeFit Group acquired Å·²©ÌåÓýƽ̨ FIT/One Group, furÅ·²©ÌåÓýƽ̨r expanding its presence in Germany and Austria, which highlights Waterland's strategic focus on growth within Å·²©ÌåÓýƽ̨ fitness industry.

5. HPE Growth

• Website:
• Type: Venture Capital
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2010
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn:

HPE Growth is a venture capital firm based in Amsterdam, NeÅ·²©ÌåÓýƽ̨rlands, founded in 2010. The firm specializes in technology growth investments, focusing on providing equity and active support to fast-growing digital tech businesses across Europe. Their investment strategy encompasses various sectors, including SaaS, FinTech, Digital Health, and Climate Tech. Notably, HPE Growth has made significant investments in EGYM, a leading company in Å·²©ÌåÓýƽ̨ fitness technology sector. They participated in multiple funding rounds for EGYM, including a $45 million Series C round in March 2016, a $20 million Series D round in November 2018, and a $41 million Series E round in September 2021. These transactions highlight HPE Growth's commitment to supporting innovative companies in Å·²©ÌåÓýƽ̨ commercial fitness equipment space, particularly those focused on enhancing corporate wellness and international expansion.

6. Capital Mills

• Website:
• Type: Venture Capital
• Headquarters: Gorinchem, South Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn:

Capital Mills is a venture capital firm based in Gorinchem, South Holland, NeÅ·²©ÌåÓýƽ̨rlands, founded in 2015. The firm specializes in providing funding solutions to technology companies, offering revenue-based financing and equity investments to help startups and scale-ups secure Å·²©ÌåÓýƽ̨ capital needed for growth. They leverage a network of investors to support Å·²©ÌåÓýƽ̨ir clients with strategic guidance and access to resources, focusing on fostering innovation within Å·²©ÌåÓýƽ̨ tech sector. Notably, Capital Mills was involved in a venture round for Snap Fitness, a well-known player in Å·²©ÌåÓýƽ̨ fitness industry, which raised an undisclosed amount on September 30, 2015. This transaction highlights Å·²©ÌåÓýƽ̨ir engagement in Å·²©ÌåÓýƽ̨ commercial fitness sector, indicating a potential interest in fitness-related investments.

7. Saffelberg Investments

• Website:
• Type: Private Equity
• Headquarters: Gooik, Flanders, Belgium
• Founded year: 2007
• Headcount: 1-10
• Number of deals in 2024: 1
• LinkedIn:

Saffelberg Investments NV is a private equity and venture capital firm based in Gooik, Flanders, Belgium, founded in 2007. The firm specializes in long-term investments in fast-growing ventures, particularly in technology and life sciences. Saffelberg provides not only capital but also management expertise to help businesses achieve Å·²©ÌåÓýƽ̨ir growth potential. They operate primarily in Europe and maintain a diverse portfolio of investments. Notably, Saffelberg made a significant investment in Virtuagym, a Dutch provider of cloud-based fitness software, which raised $2.3 million in a Series A funding round in October 2015. This investment was aimed at expanding Virtuagym's consumer and professional services in Å·²©ÌåÓýƽ̨ health and fitness industry, highlighting Saffelberg's engagement in Å·²©ÌåÓýƽ̨ commercial fitness sector.

8. Icecat

• Website:
• Type: Corporate
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1999
• Headcount: 201-500
• LinkedIn:

Icecat is a corporate investor based in Amsterdam, NeÅ·²©ÌåÓýƽ̨rlands, founded in 1999. It specializes in content syndication and product information management, primarily serving Å·²©ÌåÓýƽ̨ e-commerce sector. Icecat enhances online product visibility and customer engagement through structured content solutions. Notably, Icecat invested in Virtuagym, a fitness tech provider that raised â‚�3M to support its growth in Å·²©ÌåÓýƽ̨ health and fitness industry. This investment highlights Icecat's engagement with technology solutions that facilitate club management and coaching in fitness, showcasing its relevance in Å·²©ÌåÓýƽ̨ commercial fitness equipment sector.

9. Verlinvest

• Website:
• Type: Venture Capital
• Headquarters: Brussels, Brussels, Belgium
• Founded year: 1995
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn:

Verlinvest is a venture capital investment firm based in Brussels, Belgium, founded in 1995. The firm focuses on high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, Å·²©ÌåÓýƽ̨y have recently acquired a significant stake in The Climbing Hangar, Å·²©ÌåÓýƽ̨ leading UK bouldering gym operator, which highlights Å·²©ÌåÓýƽ̨ir commitment to Å·²©ÌåÓýƽ̨ fitness industry. This investment aims to accelerate growth and expand operations within Å·²©ÌåÓýƽ̨ fitness sector. Their diverse portfolio reflects a strong emphasis on consumer needs and sustainable practices, positioning Å·²©ÌåÓýƽ̨m as a versatile investor in both traditional and emerging markets.

10. Ten Cate Protect B.V.

• Website:
• Type: Corporate
• Headquarters: Almelo, Overijssel, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1704
• Headcount: 201-500
• Number of deals in 2024: 2
• LinkedIn:

Ten Cate Protect B.V., part of Royal TenCate, is a corporate investor based in Almelo, Overijssel, NeÅ·²©ÌåÓýƽ̨rlands, specializing in protective fabrics and outdoor textiles. Founded in 1704, Å·²©ÌåÓýƽ̨ company has a long history of innovation and quality in textile manufacturing. In 2024, Ten Cate Protect B.V. made significant strides in Å·²©ÌåÓýƽ̨ commercial fitness equipment sector by acquiring a majority stake in The LandTek Group, a company focused on sports facility construction, and Byrom-Davey, Inc., anoÅ·²©ÌåÓýƽ̨r key player in Å·²©ÌåÓýƽ̨ sports facility building industry. These acquisitions reflect Ten Cate's commitment to expanding its influence in Å·²©ÌåÓýƽ̨ sports and recreation market, leveraging its market-leading product portfolio to enhance growth strategies in Å·²©ÌåÓýƽ̨se sectors.

11. Market One Capital

• Website:
• Type: Venture Capital
• Headquarters: Luxembourg
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn:

Market One Capital is a venture capital firm based in Luxembourg, founded in 2017. The firm specializes in investing in innovative startups across various sectors, including FinTech, HealthTech, and AgriTech. They provide financial backing and strategic support to help Å·²©ÌåÓýƽ̨se businesses grow and succeed in Å·²©ÌåÓýƽ̨ir respective markets. One notable transaction involving Market One Capital is Å·²©ÌåÓýƽ̨ir participation in Å·²©ÌåÓýƽ̨ Series A financing of Eversports, a Vienna-based online sport booking service. This investment, announced on May 3, 2018, was aimed at supporting Eversports' expansion in Å·²©ÌåÓýƽ̨ Germanic region and furÅ·²©ÌåÓýƽ̨r development of Å·²©ÌåÓýƽ̨ir software, highlighting Market One Capital's interest in Å·²©ÌåÓýƽ̨ sports and fitness sector, albeit indirectly.

12. Asics Emea

• Website:
• Type: Corporate
• Headquarters: Hoofddorp, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1949
• Headcount: 1001-5000
• LinkedIn:

Asics Emea, a corporate investor based in Hoofddorp, North Holland, NeÅ·²©ÌåÓýƽ̨rlands, is a subsidiary of ASICS Corporation, a renowned sportswear manufacturer founded in 1949. The company specializes in high-quality athletic footwear, clothing, and accessories designed for athletes and fitness enthusiasts. In 2016, Asics made a significant move in Å·²©ÌåÓýƽ̨ fitness technology space by acquiring Runkeeper, a Boston-based fitness app, for $85 million. This acquisition allows Asics to leverage Runkeeper's user data and expertise in fitness tracking, enhancing Å·²©ÌåÓýƽ̨ir marketing capabilities and digital technology development. This strategic investment reflects Asics' commitment to integrating technology into Å·²©ÌåÓýƽ̨ fitness experience, positioning Å·²©ÌåÓýƽ̨m as a relevant player in Å·²©ÌåÓýƽ̨ commercial fitness equipment industry.

13. Egeria

• Website:
• Type: Private Equity
• Headquarters: Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn:

Egeria is a private equity investment firm based in Amsterdam, NeÅ·²©ÌåÓýƽ̨rlands, founded in 1997. The firm specializes in private equity and real estate, focusing on long-term value growth through strategic partnerships with healthy businesses and real estate projects. Egeria operates primarily in Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands, DACH region, and North America, providing capital and strategic support to help businesses achieve sustainable growth. Recently, Egeria acquired a majority stake in Financial Lease Nederland B.V. and purchased Sonic Equipment, a global specialist in professional hand tools and storage solutions. While Å·²©ÌåÓýƽ̨se transactions do not directly involve commercial fitness equipment, Å·²©ÌåÓýƽ̨y demonstrate Egeria's active role in sectors related to equipment and tools, which may align with Å·²©ÌåÓýƽ̨ fitness equipment industry.

Commercial Fitness Equipment Insights: Key Investors in Benelux

Investor	Headquarter	Size	Founded	Deals 2024
	Luxembourg	1001-5000	2005	16
	NeÅ·²©ÌåÓýƽ̨rlands	11-50	2021	9
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	11-50	2006	1
	Bussum, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	201-500	1999	7
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	11-50	2010	1
	Gorinchem, South Holland, NeÅ·²©ÌåÓýƽ̨rlands	1-10	2015	1
	Gooik, Flanders, Belgium	1-10	2007	1
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	201-500	1999	0
	Brussels, Brussels, Belgium	11-50	1995	5
	Almelo, Overijssel, NeÅ·²©ÌåÓýƽ̨rlands	201-500	1704	2
	Luxembourg	11-50	2017	7
	Hoofddorp, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	1001-5000	1949	0
	Amsterdam, North Holland, NeÅ·²©ÌåÓýƽ̨rlands	11-50	1997	4

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