Case details

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Merger control
Case reference
Ccent/2025/16 - Growth / Balance
Acquired
Balance Company Lda.
Description
Company that operates 17 own gyms under the Balance Club, Fitness Factory, FT30 and Vivafit banners, in addition to 34 gyms operated by third parties on a franchise basis. This universe of franchised establishments also includes 5 electrostimulation centers operated under the P20 banner.
Acquiring
Growth Partners Capital – Sociedade de Capital de Risco, S.A.
Description
Investment fund management company, based in Portugal, whose main activity is making investments and managing risk capital funds. Growth supports and promotes the creation and development of companies in multiple sectors of activity, especially in the areas of technology and health, through temporary participation in the respective share capital, with 4 private equity funds under its management, including the Growth Iberia Fund.
Acquiring
Henrique Manuel Cunha Martins
Description
Founding partner of Balance.
Acquiring
José Carlos da Silva Condeço
Description
Founding partner of Balance.
Acquiring
Luís António Avelar Santos
Description
Founding partner of Balance.
Acquiring
Pedro Miguel Alves Simão
Description
Founding partner of Balance.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger operation consists of the acquisition, by Growth Capital Partners – Sociedade de Capital de Risco, S.A. (through the Growth Iberia Fund – Closed European Venture Capital Fund, EuVECA) (“Growth”) and by Pedro Miguel Alves Simão, José Carlos da Silva Condeço, Luís António Avelar Santos and Henrique Manuel Cunha Martins (together, “Founding Partners”), of joint control over Balance Company, Lda. (“Balance”).

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