Romanian fitness chain 18GYM has secured a €20.4 million investment from private equity firm Enterprise Investors, which will acquire a significant minority stake, according to Economedia.
The transaction is subject to approval by the Romanian Competition Council, while founder Vlad Ronea will remain the majority shareholder and continue to lead the company.
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The investment will support the next stage of the company’s growth, including opening new locations and pursuing selective mergers and acquisitions.
Founded in 2012 by Vlad Ronea together with his sister Alexandra Ronea, 18GYM has grown into one of Romania’s leading fitness chains. The company currently operates 37 fitness clubs, each with an average size of about 1,500 square meters.
In 2025, the company recorded a 40% increase in subscribers, while revenues exceeded €17 million.
According to Bartosz Kwiatkowski, partner at Enterprise Investors, Romania’s fitness market still has strong growth potential due to its low gym penetration rate and fragmented structure.
This marks the eighth direct investment by Enterprise Investors in Romania, where the firm has maintained a presence since 2000. With this deal, the fund’s total investments in Romanian companies reach €217 million.
Regionally, Enterprise Investors is one of the largest private equity players in Central and Eastern Europe, having invested €2.4 billion in 162 companies and completed 142 exits.
Photo: 18GYM
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