Morphosis Capital exits Stay Fit Gym with up to 4.6x net money multiple and over 40% IRR, as Stay Fit Gym Founders join forces with 18GYM, backed by Enterprise Investors
Bucharest, October 8, 2026 – Morphosis Capital, one of Central and Eastern Europe’s leading private equity firms backing founder-led SMEs, announces the signing of an agreement to sell the stake held by Morphosis Capital Fund I in Stay Fit Gym, which joins forces with 18GYM, a Romanian fitness chain backed by Enterprise Investors, one of the largest private equity players in Central and Eastern Europe. Subject to the necessary regulatory clearances and other customary closing conditions, the transaction is expected to deliver Morphosis Capital Fund I a net multiple on invested capital of up to 4.6x and a net internal rate of return of more than 40%. The transaction concludes a five-year value-creation programme that transformed Stay Fit Gym from a seven-club Bucharest operator into a 77-club business, with 2026 revenue and EBITDA expected to be approximately 20 times higher than when Morphosis Capital made the initial investment.
“At Morphosis Capital, we are determined to build a firm defined by outcomes: businesses that are materially stronger at exit and returns that speak for themselves. Stay Fit Gym is a powerful proof point. When Morphosis Capital invested in 2021, backing a fitness business was a contrarian call: gyms had only recently reopened after months of pandemic-related closures, consumer behavior was uncertain and bank financing for the sector was difficult to access. We saw in Stay Fit Gym a compelling value-for-money model and a clear path to scale despite that uncertainty. The founders brought the vision, drive and customer proposition; we brought the conviction, capital and operational discipline needed to turn that potential into a business built for scale and for its next phase. This transaction shows what can be achieved in Romania when investment is matched by real operating value creation, not simply capital deployment. We are deeply grateful to Alexandru, Laurentiu, Marius and the entire Stay Fit Gym team for their relentless execution. Delivering outcomes of this caliber to our investors, while helping entrepreneurs build materially more valuable businesses, is not an add-on to our strategy – it is the core of what Morphosis Capital exists to do,” stated Andrei Gemeneanu, Managing Partner at Morphosis Capital.
Morphosis Capital invested in Stay Fit Gym in 2021, when the company operated seven clubs in Bucharest and generated approximately 1.7 million euros in revenue and 0.5 million euros in EBITDA. The investment plan was ambitious: build a repeatable national operating model, expand into cities and neighborhoods with strong unmet demand, pursue selective acquisitions, strengthen the management structure and invest in the digital capabilities required to deliver consistent member experience at scale.
The original ambition was to add 25 to 30 fitness centers across Romania. By 2026, Stay Fit Gym had significantly surpassed that target, expanding to 77 clubs –11 times more than the network it operated at Morphosis Capital’s entry. The company expects to generate approximately 34 million euros in revenue and 10 million euros in EBITDA in 2026, representing around 20x growth in both revenue and EBITDA since Morphosis Capital’s investment.
The transformation was driven by a two-track development strategy: disciplined organic rollout and selective acquisitions of independent operators. This expansion was funded through a combination of capital from Morphosis Capital Fund I, internally generated cash flow and bank financing. Alongside the physical expansion, Stay Fit Gym developed a stronger management organization and invested in technology that sharpened club operations, deepened its understanding of member needs and strengthened the consistency of customer experience across the network. The result is not simply a larger footprint, but a business with the operating discipline, digital capabilities and financing capacity to sustain its next stage of growth.
“Over the past 14 years, we have built something we are incredibly proud of: a nationwide fitness network, driven by a strong team, a clear vision and a relentless focus on our members. The past five years alongside Morphosis Capital have been decisive. Their partnership, discipline and trust gave us the resources and confidence to scale Stay Fit Gym from seven to 77 gyms, and we are grateful for it. What we have achieved so far is a strong foundation, and the proposed combination gives us the opportunity to build on it together with 18GYM and Enterprise Investors. We are bringing together two strong teams, two complementary businesses and a shared ambition to create something significantly bigger. We truly believe this marks the beginning of a new chapter for Stay Fit Gym – one in which we can combine our strengths, accelerate growth and create even more value for our members, our teams and the communities we serve,” stated jointly Stay Fit Gym founders – Alexandru Lascar, Marius Preodisteanu, and Laurentiu Lascar.
Completion remains subject to merger control and foreign direct investment clearance in Romania, which is expected within 4 months. Following closing, Stay Fit Gym and 18GYM are expected to be brought together under a dual-brand fitness platform with more than 120 clubs across Romania and approximately 130,000 members. Enterprise Investors Fund IX will hold a significant minority stake in the combined business alongside 18GYM’s founders, with Stay Fit Gym’s founders also joining as minority shareholders. Until completion, Stay Fit Gym and 18GYM will continue to operate independently.
Once completed, the transaction will mark Morphosis Capital Fund I’s third full exit, following the sale of Dr. Leahu Dental Clinics to Regina Maria in 2023 and DocProcess to AGENA3000 in 2025. It reinforces Morphosis Capital’s strategy of backing high-potential founder-led businesses and building the operating, digital and financial capabilities needed to create exceptional value.
Morphosis Capital and the founders of Stay Fit Gym were advised by DC Advisory as M&A adviser and Stratulat Albulescu as legal counsel. Enterprise Investors and 18Gym were advised by RTPR as legal counsel.
The investment of Morphosis I in Stay Fit Gym was co-financed by the European Structural and Investment Funds through the Regional Operational Programme 2014-2020.
