FITNESS MANAGEMENT

Who owns FITNESS MANAGEMENT?

FITNESS MANAGEMENT was owned by Montefiore Investment through Montefiore IV (2016 vintage) from 2017 to 2025, exited via Trade Sale.

Buyer identity available on Pro.

Hand-verified · updated 2026-04-21

About FITNESS MANAGEMENT

Fitness Management is the French holding company that operates Les Cercles de la Forme, a network of premium multi-sport fitness and health clubs concentrated in Paris. Founded in 1980 by Sandrine and Bertrand Bonelli, the group runs clubs offering group classes across roughly 85 sports disciplines, spanning cardio, strength training, combat sports, dance and aquatic activities. At the time of its 2017 recapitalization the business counted close to 80,000 members and delivered on the order of 10,000 group classes each month, for pro forma revenue of about EUR 30 million. It is positioned as the leading independent fitness operator in the Paris market, competing on club density, breadth of disciplines and a mid to premium membership proposition rather than on low-cost volume.

Ownership journey

Les Cercles de la Forme was founded in Paris in 1980 by Sandrine and Bertrand Bonelli, who built it into the capital's benchmark fitness club network over nearly four decades. In 2017 the founders partnered with Montefiore Investment, which acquired a majority stake through its Montefiore IV fund to accelerate expansion and consolidate a fragmented Paris market. Montefiore held the business, operated under the Fitness Management holding, alongside the founding management for the duration of the investment. In 2025 Montefiore exited via a trade sale, closing an ownership period of roughly eight years.

Under PE ownership

Under Montefiore's ownership the group pursued a build-up strategy, expanding its footprint from 15 clubs in 2017 to 26 in 2025 through a mix of targeted acquisitions and new openings. Additions included the integration of competing Paris clubs, notably the Vit'halles sites, which reinforced the network's density across the capital. The company invested in refurbishing and standardizing its estate, extending its sports facilities to more than 28,000 square meters across Paris and consolidating its position as the local market leader. By the 2025 exit the network had substantially grown its club count while retaining the founders at the helm, positioning the enlarged platform for a change of ownership via trade sale.