Jun 2013

The fitness group LES CERCLES DE LA FORME, at the head of 8 fitness rooms in Paris intramuros, raises 5 M€ from CM-CIC Capital Finance and OSEO to open 5 additional rooms in 3 years.

Customers and counterparties

Bertrand Bonelli, the founder, bought his first Parisian club in 1983 after a rich international judoka career. During 25 years, he developed his group by gradually buying clubs while keeping responsibilities of technical adviser to the French Federation of Judo. Today with 8 clubs and a consolidated turnover of around 10 M€, the group LES CERCLES DE LA FORME is positioned as the first challenger of the CLUB MED GYM.
The group distinguishes itself by its group course offering, which is the largest in the French market. In addition to fitness (RPM, Body Pump, Body Sculpt…), bodybuilding and cardio-training, a wide range of martial arts and dance is offered to an audience of adults but also children.

For several years, LES CERCLES DE LA FORME has experienced double-digit annual growth and strong profitability. The company is accelerating its investment cycle by opening this year a new 1500 m² club near the Nation in Paris. This development policy will be pursued over the coming years. Targeted acquisitions are also under consideration.
Behind its European neighbours, the French fitness market has shown strong growth for several years, supported by fundamental societal movements, such as the search for well-being, health and aesthetics.
To support Bertrand Bonelli in his expansion project, CM-CIC Capital Finance is investing €3.5 million. OSEO is contributing a further €1.5 million.

According to Adrien Tourres, Partner of PAX CF “Bertrand Bonelli was looking to provide his group with the necessary means to develop its multi-sports concept. He found in PAX CF a strong knowledge of the fitness world and a proven know-how in fundraising. After consulting the market, CM-CIC Capital Finance proved to be the best partner on the human level and also by its strong capacity for reinvestment. »

According to Bertrand Bonelli, Director of LES CERCLES DE LA FORME, “The PAX teams were able to effectively support our group in this major operation for its development. We are particularly proud to welcome CM-CIC Capital Finance to LCDF’s capital. The good understanding of our business by its teams and the long-term capacity of the support bank are an additional asset in the realisation of our ambitious growth project. »

For its part, CM-CIC Capital Finance was particularly attracted by the group’s vision and corporate project. “Supporting such a player in its development seems to us to be a good investment opportunity. We are studying together various targeted acquisitions”, explains Jean-Christophe Littaye, Director of Participations. “The goal is to open 5 new clubs in 3 years, including the Club Saint-Antoine, inaugurated in June.

Associate members