Enterprise Investors Fund IX will invest up to EUR 20.4 million in Romanian fitness chain 18GYM by acquiring a significant minority stake, private equity player Enterprise Investors, one of the largest in CEE, said.

The transaction is subject to approval from the Competition Council.

Company founder Vlad Ronea will remain the majority shareholder and continue to lead the business. 

The transaction is expected to support the fitness chain in an “accelerated rollout of new locations and selective M&A opportunities.”

18GYM operates 37 clubs with an average location size of approximately 1,500 sqm, reflecting the company’s focus on spacious, modern facilities. In 2025, membership grew by 40%, and revenue exceeded EUR 17 million. 

“Romania’s fitness market still has relatively low gym participation and remains highly fragmented, creating strong opportunities for growth and consolidation. We believe 18GYM’s proven, scalable operating model positions the company to expand its market share both organically and through targeted acquisitions,” said Bartosz Kwiatkowski, partner at Enterprise Investors and transaction lead. “Demand is shifting toward spacious, well-equipped clubs delivering a strong training experience at competitive prices, and 18GYM is well positioned to meet these expectations at scale.”

“From day one, our ambition has been to build Romania’s most accessible, high-quality gym network and become the country’s leading player,” said Vlad Ronea, founder and CEO of 18GYM. “We’ve proven that our format resonates strongly with members, and this partnership gives us the resources to accelerate expansion, raise the bar on customer experience, and lead the next phase of market consolidation through scale and disciplined execution. Ultimately, our goal is to become the favorite destination for anyone who wants to move and care for their overall well-being. 

18GYM is Enterprise Investors’ eighth direct investment in Romania. Including this investment, the total capital invested by EI in Romanian businesses amounts to EUR 217 million.

Locally, Enterprise Investors previously held stakes in toy retailer Noriel (2016-2022), grocery retailer Profi (2010-2017), HR services firm Smartree (2010-2016), construction materials producers Macon (2006-2018), software company Siveco (2006-2013), supermarket chain Artima (2005-2008), and telecom operator Orange Romania (1999-2005).

Active since 1990, Enterprise Investors has raised ten funds, which have invested and committed EUR 2.4 billion in 162 companies, completing 142 exits to date.

(Photo: the company)

simona@romania-insider.com