All Seas Capital backs Synergym to fuel expansion plans

28 June 2024

28 June 2024: All Seas Capital, a pan-European private capital fund that provides transformational capital solutions to leading founder- and entrepreneur-owned companies, is pleased to announce a significant minority investment in Synergym, a fast-growing and leading gym chain in Spain. The investment will accelerate Synergym’s expansion and rollout across the country.

Synergym has quickly established itself as one of the main gym operators in Spain, with over 200,000 active users across its 96 clubs. Its business model emphasizes low and flexible prices, high-quality club design with specialized fitness areas, top-of-the-line high-tech equipment, highly qualified staff and a wide range of quality guided classes.

Due to its measured and systematic rollout model, Synergym has grown rapidly without any site closures and each gym achieving rapid profitability, supported by strong customer sign-ups prior to site launch. All Seas Capital’s investment will fuel Synergym’s ambitious expansion plans across Spain, with an ample pipeline of sites ready to develop.

Founded in 2013 by experienced entrepreneurs Dr. Sergey Miteyko and Leonard Lvovich, Synergym is led by Managing Director Jordi Bella and a highly capable management team ready to execute its expansion strategy. Sergey and Leonard will retain their full equity positions, demonstrating their strong commitment to the business. All Seas Capital will leverage its team’s extensive experience in supporting businesses with a proven track record and clear vision for the future to help Synergym achieve its growth ambitions. All Seas Capital’s Partner Joe Petrusic will join the Synergym board of directors, which also includes representatives of Synergym´s current investors Oxy Capital and Growth Partner.

Dr. Sergey Miteyko and Leonard Lvovich, Founders of Synergym, said:

“We are thrilled to have All Seas Capital join the Synergym team and back our exciting growth plans. We have quickly established Synergym as one of the largest chains of fitness gyms in Spain through a prudent rollout plan that ensures that each and every site achieves fast profitability and high cash flow generation. This is fundamental to our success and gives us great confidence in our expansion strategy. With additional capital and All Seas’ fresh perspective and expertise, we are excited at what we can achieve together!”

Joe Petrusic, Partner at All Seas Capital, commented:

“The Synergym team has built an impressive and highly profitable business in an underpenetrated market, which is underpinned by an increasing consumer desire for healthier lifestyles. With a very capable management team in place and a proven rollout model, our capital and expertise will act as a catalyst for further growth.”

Marc Ciancimino and Cristobal Cuart, Co-Founders of All Seas Capital, commented:

“We are delighted to be making our first investment in Spain, and our eighth from All Seas Capital’s maiden fund which closed just last year. As an established business of some scale and with a clear growth strategy, Synergym is an ideal business for us to back and we are thrilled that they chose to partner with us. All Seas Capital’s flexible, non-control capital aligns perfectly with Synergym’s ambitious plans and we’re already hard at work supporting management to execute on their ambitious growth plans.”

Synergym and the shareholders were advised by AZ Capital, Garrigues, EY and RCD Legal. All Seas Capital was advised by Latham & Watkins and SLR Consulting.

For further information, please contact:


Jordi Bella

+34 639 483 213

All Seas Capital

Charlotte Balbirnie

+44 7989 528421

About Synergym

Synergym is a leading fitness chain in Spain. Founded in 2013, Synergym has over 200,000 active members in its 96 strong network of gyms across the Spanish market with key hubs of Andalucia, Valencia and Cataluña. Synergym is focused on low and flexible prices, modern club design with specialized fitness areas, top-of-the-line high-tech equipment, highly qualified staff and a wide range of high-quality classes.

About All Seas Capital

All Seas Capital is a pan-European private capital fund that provides flexible long-term financing solutions to leading mid cap companies. The team is led by Marc Ciancimino and Cristobal Cuart who co-founded and led KKR’s European mezzanine and preferred equity business, and has an extensive career track record with €3.4bn invested across 45 businesses prior to founding All Seas Capital. All Seas Capital’s hybrid strategy, investing a combination of debt and equity, integrates ESG considerations throughout its investment process to help position its portfolio for long term, sustained growth.

We partner with and provide transformational capital solutions and board level expertise to Western European entrepreneur- and family-owned mid-market businesses who need strategic capital, but do not want to sell majority stakes. We identify businesses that already have a certain amount of scale but are in need of support and capital as the catalyst for real business growth. All Seas Capital closed its maiden fund with total commitments of US$400m including co-investments, and has invested in companies including Attivo Group (UK), G3 (UK), Hakim Group (UK), Nurture Group (UK), Reducate (Netherlands), SoMeD Santé (France) and Zimmer MedizinSysteme (Germany).