Following our original investment in Celebrity Fitness in 2007, Navis Capital entered into a joint venture agreement with Oaktree Capital Management to form Evolution Wellness in 2017, bringing two leading fitness brands in Southeast Asia – Celebrity Fitness and Fitness First – under one roof. Together, they form one of the largest fitness club networks in the fast-growing Asian region with over 400,000 members across 150 clubs in six countries.
- Relatively immature markets experiencing high growth as a result of increasing health awareness and disposable income
- Complementary customer profiles, brand identities, and country penetration
- Significant operational and cost synergies from back office alignment and best practice sharing
- Sufficient scale to innovate and develop proprietary group fitness programs, including the introduction of pay-as-you-go group fitness packages, as well as leverage technology for an enhanced member experience
- Led the PMO for the integration of the two companies, focused on realizing merger synergies and club improvement and delivered USD 18 Million in EBITDA uplift from realised merger synergies
- Developed dual brand strategy by country to increase market reach and clear positioning of value proposition
- Supported conceptualization of alternative club formats, as well as expansion into new wellness-focused products and services
- Facilitated cross-sharing of marketing knowledge and collaboration between Evolution Wellness and other Navis portfolio companies
Coming together under the Evolution Wellness umbrella will allow the company to operate with increased scale, reach and efficiency. The management team is committed to enhancing members’ experience through continued expansion of club networks, faster innovation and product evolution, as well as improved service standards. In the long-term, Evolution Wellness has set its sights beyond fitness and into the wellness space, starting with a recent acquisition of an eco-wellness retreat company, Fivelements, and with multiple core initiatives focused on this.