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Investing.com -- Basic-Fit N.V. shares fell more than 2% on Monday after announcing the €175 million acquisition of Clever Fit, extending its reach into franchising and consolidating its position as Germany’s largest fitness operator.
The transaction includes €160 million in cash and a €15 million earn-out payable over three years, valuing Clever Fit at 12.1x its 2024 EBITDA of €14.5 million, or 11x excluding the earn-out, according to UBS Global Research.
Clever Fit runs 493 clubs across the DACH region, with 454 franchised and 39 company-owned.
The deal brings Basic-Fit’s German network to about 450 clubs and creates the largest fitness franchise platform in Europe.
The company said the deal requires no regulatory approval and is expected to close before year-end.
UBS maintained a “neutral” rating on Basic-Fit with a €23.50 price target. The brokerage noted that Basic-Fit reaffirmed its full-year 2025 guidance but reduced its FY26 owned-club expansion target to 50 from 100, a move UBS said points to a more measured rollout following the acquisition.
Leverage is expected to stay below 3x at the end of FY25 and just above 2x in FY26, excluding leases.
The company also reported completing 60.25% of its €40 million share buyback, repurchasing 1 million shares as of October 17.
UBS’s financial estimates project revenues rising from €1.39 billion in 2025 to €1.82 billion in 2028, with EBIT margins improving from 9.8% to 17.6%.
The company operates roughly 1,600 clubs across six European countries with about 4 million members and maintains a medium-term goal of expanding to between 3,000 and 3,500 locations.