Morphosis Capital, one of Central and Eastern Europe’s leading private equity firms backing founder-led SMEs, announced the signing of an agreement to sell its stake in Stay Fit Gym to 18GYM, a Romanian fitness chain backed by Enterprise Investors, one of the largest private equity players in Central and Eastern Europe.
Morphosis Capital invested in Stay Fit Gym in 2021, when the company operated seven clubs in Bucharest and generated approximately EUR 1.7 million in revenue and EUR 0.5 million in EBITDA.
The investment plan was ambitious: build a repeatable national operating model, expand into cities and neighborhoods with strong unmet demand, pursue selective acquisitions, strengthen the management structure, and invest in the digital capabilities required to deliver consistent member experience at scale.
By 2026, Stay Fit Gym had significantly surpassed that target, expanding to 77 clubs, 11 times more than the network it operated at Morphosis Capital’s entry. The company expects to generate approximately EUR 34 million in revenue and EUR 10 million in EBITDA in 2026, representing around 20x growth in both revenue and EBITDA since Morphosis Capital’s investment.
“We saw in Stay Fit Gym a compelling value-for- money model and a clear path to scale despite that uncertainty,” stated Andrei Gemeneanu, Managing Partner at Morphosis Capital.
Completion of the transaction remains subject to merger control and foreign direct investment clearance in Romania, which is expected within 4 months. Following closing, Stay Fit Gym and 18GYM will likely be brought together under a dual-brand fitness platform with more than 120 clubs across Romania and approximately 130,000 members.
Enterprise Investors Fund IX will hold a significant minority stake in the combined business alongside 18GYM’s founders, with Stay Fit Gym’s founders also joining as minority shareholders. Until completion, Stay Fit Gym and 18GYM will continue to operate independently.
“What we have achieved so far is a strong foundation, and the proposed combination allows us to build on it together with 18GYM and Enterprise Investors. We are bringing together two strong teams, two complementary businesses and a shared ambition to create something significantly bigger. We truly believe this marks the beginning of a new chapter for Stay Fit Gym,” stated jointly Stay Fit Gym founders Alexandru Lascar, Marius Preodisteanu, and Laurentiu Lascar.
Once completed, the transaction will mark Morphosis Capital Fund I’s third full exit, following the sale of Dr. Leahu Dental Clinics to Regina Maria in 2023 and DocProcess to AGENA3000 in 2025.
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