ACON Invests in Mexican Fitness Studio Chain Commando

WASHINGTON and MEXICO CITY, Nov. 4, 2024 /PRNewswire/ -- ACON Investments ("ACON"), a Washington, D.C.-based private equity firm, announced today that it has closed an investment in Fitness Ventures, S.A.P.I. de C.V. ("Commando" or the "Company"), a leading boutique fitness studio operator in Mexico. Financial terms of the transaction were not disclosed.

Founded in 2017, Commando operates 11 studios in Mexico and features more than 30 fitness rooms. It offers three types of high intensity assisted classes: functional training ("Bootcamp"), spinning ("Bici") and strength conditioning ("Taller"). Commando offers a dynamic, group-based fitness and social atmosphere that appeals to a rapidly growing customer base seeking an engaging and efficient workout experience. Beyond fitness, Commando enhances its service offering with an after-class café that offers protein shakes, smoothies, healthy snacks and coffee. Commando's rapidly expanding community currently comprises 5,800+ monthly classes, total attendance of 106,000+ clients and a social media following of 150,000+ followers.

With this investment, ACON will collaborate with Commando's shareholders and management team to accelerate the Company's domestic and international expansion plans. The Company is led by its 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 Joaquin 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 Noé Godinez.

"Commando has demonstrated impressive growth in Mexico, driven by rising health and wellness awareness primarily among younger populations," noted Mauricio Cortes, a Partner at ACON 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 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."

This transaction marks ACON's 43rd investment in Latin America, as the firm nears full deployment of its fifth pan-regional fund. In September 2024, ACON also announced the acquisition of a controlling stake in Rymel, a Colombian manufacturer of transformers for electricity distribution.

Galicia Abogados and Santamarina & Steta acted as legal advisors to ACON and Commando, respectively. Emerge Investment Banking served as Commando's exclusive financial advisor for this transaction.

About ACON Investments

ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe.  With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City and São Paulo, ACON has managed more than $7.0 billion in assets since inception and has a 28-year track record.

For more information, visit www.aconinvestments.com.

CONTACT:

Meena Thever
Partner, Head of Capital Formation and Investor Relations
[email protected]

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SOURCE ACON Investments, L.L.C.