7NXT expands its presence in Europe through the acquisition of Buddyfit highlighting the rapid growt
发布于: 2024/09/13 7:25 pm
7NXT expands its presence in Europe through the acquisition of Buddyfit highlighting the rapid growth of the Online Fitness industry on the continent
Geneva, Switzerland — September 12, 2024
German fitness and well-being company 7NXT, known for operating Gymondo and 7Mind, has made a significant leap in its European expansion by acquiring Buddyfit, an Italian digital fitness platform. This move increases 7NXT’s total subscriber base to over 800,000 and enhances its market presence in Southern Europe, particularly in Italy and Spain where Buddyfit enjoys strong growth and a loyal customer base.
Founded in 2019 in Genoa, Buddyfit offers a wide array of online fitness solutions, including live workouts, mindfulness sessions, and personalized nutrition plans, catering to over 100,000 paying subscribers. The acquisition strengthens 7NXT’s ambition to integrate fitness and mental well-being services under the Gymondo umbrella. With the addition of Buddyfit, 7NXT continues to expand beyond its home market of Germany, Austria, and Switzerland (DACH region), moving into key markets such as France and the Nordic countries.
The company has been on a strategic growth path, including its 2024 acquisition of 7Mind, a German mental health and mindfulness platform, positioning Gymondo as a holistic digital platform for mental and physical health. The Buddyfit deal is expected to unlock new opportunities for 7NXT in the €3 billion European fitness and wellness market, enabling it to further strengthen its competitive position by offering tailored services to both B2C and B2B clients.
Markan Karajica, the CEO and founder of 7NXT, commented on the acquisition, stating:
"Buddyfit's impressive presence in Italy and Spain will help us enhance our footprint in key European markets, complementing our existing business in the DACH region. This acquisition aligns with our mission to build a leading fitness and well-being platform across Europe."
Giovanni Ciferri, CEO of Buddyfit, added:
"This acquisition completes the first stage of our strategic growth plan, following four years of significant expansion. By combining our expertise with Gymondo, we are well-positioned to become a major player in the European fitness industry."
7NXT is supported by Oakley Capital, a private equity firm known for driving the company’s growth through strategic investments. Peter Dubens, founder and managing partner of Oakley Capital, emphasized that the acquisition is part of a broader plan to expand Gymondo’s reach across Europe through a mix of organic growth and M&A activity. He noted that these moves are integral to Gymondo’s goal of becoming Europe’s leading fitness and well-being platform.
Policy Analysis
The European online fitness industry has seen substantial growth in recent years, driven by evolving consumer behavior, technological advancements, and a shift toward more health-conscious lifestyles. Several factors contribute to this dynamic sector, which is expected to see further expansion in the coming years.
Key Growth Drivers:
Increased Internet and Smartphone Penetration: As Europe boasts high internet penetration rates, with more than 90% of its population online, the adoption of digital fitness platforms has skyrocketed. The accessibility of smartphones and mobile apps allows consumers to engage with fitness solutions anywhere, anytime, a major factor in the industry's growth.
Technological Advancements: The integration of AI and data analytics into fitness platforms has enabled a personalized user experience. AI-driven algorithms provide tailored workout recommendations based on individual fitness levels, preferences, and performance metrics. This level of customization, which also incorporates real-time feedback, has made digital fitness more appealing to a broad audience. Wearable devices like fitness trackers and smartwatches further enhance this experience by syncing workout data to apps, making it easier for users to monitor their progress.
COVID-19 Pandemic's Impact: The COVID-19 pandemic significantly accelerated the adoption of virtual fitness platforms, as lockdowns and social distancing made in-person gym sessions difficult. Many consumers turned to on-demand and live-streaming workout options, resulting in a surge in user subscriptions to platforms like Peloton, Apple Fitness, and Fitbit. This shift is expected to continue, as many users have grown accustomed to the convenience of home workouts.
Hybrid Fitness Models: Many companies have embraced a hybrid model, combining both virtual and in-person classes. This trend offers more flexibility for users, providing virtual workouts to complement physical gym sessions. For example, some fitness brands offer live-streamed classes that can be followed from home, paired with in-person gym experiences for a more holistic approach.
Geneva, Switzerland — September 12, 2024
German fitness and well-being company 7NXT, known for operating Gymondo and 7Mind, has made a significant leap in its European expansion by acquiring Buddyfit, an Italian digital fitness platform. This move increases 7NXT’s total subscriber base to over 800,000 and enhances its market presence in Southern Europe, particularly in Italy and Spain where Buddyfit enjoys strong growth and a loyal customer base.
Founded in 2019 in Genoa, Buddyfit offers a wide array of online fitness solutions, including live workouts, mindfulness sessions, and personalized nutrition plans, catering to over 100,000 paying subscribers. The acquisition strengthens 7NXT’s ambition to integrate fitness and mental well-being services under the Gymondo umbrella. With the addition of Buddyfit, 7NXT continues to expand beyond its home market of Germany, Austria, and Switzerland (DACH region), moving into key markets such as France and the Nordic countries.
The company has been on a strategic growth path, including its 2024 acquisition of 7Mind, a German mental health and mindfulness platform, positioning Gymondo as a holistic digital platform for mental and physical health. The Buddyfit deal is expected to unlock new opportunities for 7NXT in the €3 billion European fitness and wellness market, enabling it to further strengthen its competitive position by offering tailored services to both B2C and B2B clients.
Markan Karajica, the CEO and founder of 7NXT, commented on the acquisition, stating:
"Buddyfit's impressive presence in Italy and Spain will help us enhance our footprint in key European markets, complementing our existing business in the DACH region. This acquisition aligns with our mission to build a leading fitness and well-being platform across Europe."
Giovanni Ciferri, CEO of Buddyfit, added:
"This acquisition completes the first stage of our strategic growth plan, following four years of significant expansion. By combining our expertise with Gymondo, we are well-positioned to become a major player in the European fitness industry."
7NXT is supported by Oakley Capital, a private equity firm known for driving the company’s growth through strategic investments. Peter Dubens, founder and managing partner of Oakley Capital, emphasized that the acquisition is part of a broader plan to expand Gymondo’s reach across Europe through a mix of organic growth and M&A activity. He noted that these moves are integral to Gymondo’s goal of becoming Europe’s leading fitness and well-being platform.
Policy Analysis
The European online fitness industry has seen substantial growth in recent years, driven by evolving consumer behavior, technological advancements, and a shift toward more health-conscious lifestyles. Several factors contribute to this dynamic sector, which is expected to see further expansion in the coming years.
Key Growth Drivers:
Increased Internet and Smartphone Penetration: As Europe boasts high internet penetration rates, with more than 90% of its population online, the adoption of digital fitness platforms has skyrocketed. The accessibility of smartphones and mobile apps allows consumers to engage with fitness solutions anywhere, anytime, a major factor in the industry's growth.
Technological Advancements: The integration of AI and data analytics into fitness platforms has enabled a personalized user experience. AI-driven algorithms provide tailored workout recommendations based on individual fitness levels, preferences, and performance metrics. This level of customization, which also incorporates real-time feedback, has made digital fitness more appealing to a broad audience. Wearable devices like fitness trackers and smartwatches further enhance this experience by syncing workout data to apps, making it easier for users to monitor their progress.
COVID-19 Pandemic's Impact: The COVID-19 pandemic significantly accelerated the adoption of virtual fitness platforms, as lockdowns and social distancing made in-person gym sessions difficult. Many consumers turned to on-demand and live-streaming workout options, resulting in a surge in user subscriptions to platforms like Peloton, Apple Fitness, and Fitbit. This shift is expected to continue, as many users have grown accustomed to the convenience of home workouts.
Hybrid Fitness Models: Many companies have embraced a hybrid model, combining both virtual and in-person classes. This trend offers more flexibility for users, providing virtual workouts to complement physical gym sessions. For example, some fitness brands offer live-streamed classes that can be followed from home, paired with in-person gym experiences for a more holistic approach.
