Acon Investments has closed an investment in Fitness Ventures, S.A.P.I. de C.V., the owner/operator of the Commando fitness studios in Mexico. Founded in 2017, the company operates 11 facilities in Mexico, with over 30 fitness rooms.
The company did not disclose the terms of the investment.
Commando offers group-based fitness classes in a social setting. The company conducts “over 5,800 monthly classes (with a total attendance of 106,000-plus clients) and a social media following of 150,000-plus in the region.”
“This investment aligns seamlessly with our Latin America strategy,” said Jorge Dickens, managing partner at Acon. “Health and wellness are key focus areas for us, and we’re delighted to have found an outstanding opportunity to support the growth of a leading Mexican company in this space. This partnership enables us to add value by leveraging our local presence and retail expertise across Commando’s current and future markets.”
Acon reported in a media release that it will “collaborate with Commando’s shareholders and management team to accelerate its domestic and international expansion plans.”
Commando is led by Chairman and CEO Joaquin Hirschfeld, COO Jorge Hirschfeld and CFO Noé Godinez.
“We are thrilled to welcome Acon as a partner in our ambitious growth journey. Through this partnership, we aim to elevate Commando’s best-in-class customer experience even further while supporting its growth trajectory across Mexico and international markets,” said Hirschfeld.
“Acon’s global platform and expertise in the consumer and retail sectors will be key in helping Commando solidify its position as a leading player in the boutique fitness industry. We are thrilled to partner with Acon’s team to execute on this shared vision and drive Commando’s continued growth into its next stage,” added Godinez.
“Commando has demonstrated impressive growth in Mexico, driven by rising health and wellness awareness primarily among younger populations,” noted Mauricio Cortes, an Acon partner in Mexico City. “We look forward to working with Joaquin and his talented team to bring their unparalleled customer experience and strong community to new markets, both in Mexico and internationally, while continuing to improve the lives of their customers.”
This latest deal comes as Mexico’s fitness market appears to be in expansion mode.
As previously reported by SGB Media, Club Pilates in October inked a Master Franchise Agreement for Mexico with plans to open at least 65 studios in the country over the next decade, while Pure Barre plans to open its first Mexico location. Pure Barre, an Xponential Fitness brand, reported that its first studio is expected to open in early 2025 in Mexico City, with more locations in the planning stages.
Behind the Master Franchise Agreement for Mexico is a Master Franchisee team developing StretchLab and Rumble in the country, which have a presence in Mexico.
“Mexico is a major emerging market for boutique fitness, and we believe Pure Barre’s pioneering barre method and industry-leading offering has a bright future there,” said Bob Kaufman, president of International at Xponential Fitness.
Fabletics has also expanded into Mexico through a partnership with Liverpool, the omni-channel retail group that has operated in the country for over 177 years. Orangetheory Fitness and F45 Training are among other prominent boutique fitness brands with locations in Mexico.
Galicia Abogados acted as legal advisors to Acon, and Santamarina & Steta acted as legal advisors to Commando. Emerge Investment Banking served as Commando’s exclusive financial advisor for this transaction.
Acon Investments, L.L.C. is an international private equity investment firm that manages private equity funds and special purpose partnerships that invest in the U.S., Latin America and Europe. This transaction marks Acon’s 43rd investment in Latin America as the firm nears full use of its fifth pan-regional fund.
The D.C.-based private equity firm reports that it has managed over $7 billion in assets and holds stakes in brands including New Era, Igloo, and Spencer’s. In August 2022, the firm closed on a single-asset continuation round in New Era worth around $700 million to increase its stake in the headwear brand while attracting new backers.
Image courtesy Commando
