Smart Fit to buy up to 20% of Brazil's Buddha Spa for $6.19 million
What's the deal? Smart Fit signed a contract to acquire up to 20% of the capital of Buddha SpaDealroom has a profile for this one. Try Dealroom →, Brazil's largest spa chain, for up to US$8.19M (roughly $6.19 million). The deal, announced October 5, also gives the gym operator an option to buy a further 10% of shares.
The targets: Buddha Spa runs 149 units across 12 Brazilian states, about 96% of them franchised. Beyond massages, it offers aesthetic treatments and facial therapies.
What's the endgame? Smart Fit said the move fits its strategy to expand in health and wellness and strengthen its ecosystem through "complementary services, with strong brands and clear competitive differentials." The planned shareholders' agreement, which includes the extra 10% option, could eventually give Smart Fit 30% of the spa group.
What's next? The exact stake and final price depend on commercial conditions set in the contract. Closing is subject to "precedent conditions usual for operations of this nature," Smart Fit said.
The signal: Latin America's largest gym chain is pushing beyond fitness into adjacent wellness services, signalling a bet that bundling spa treatments with workouts can broaden its reach in a growing market.
Read more: valor.globo.com
Image credit: Tara Angkor Hotel
