Company press release
Through a strategic alliance with Teka Capital, Bodytech continues its consolidation as the leader of gyms in Latin America
In April 2012, Bodytech announced a strategic partnership with Teka Capital, which will be giving the leading health club sports in Latin America a capital injection of $40 million to fund expansion to Latin American markets like Brazil, Mexico, and Chile.
For [Endeavor Entrepreneur] Nicolás Loaiza, Co-Founder and President of Bodytech, the signing of this agreement signals the successful advancement of negotiations with Teka Capital, one of the most important and well-known private equity funds in the country which takes a chance on medium sized companies in Colombia and the region.
Currently, the health sports club Bodytech offers its services in 41 gyms throughout 11 cities in Colombia, 5 gyms through 3 cities in Peru, and 38 gyms in Chile through its recent partnership with Sportlife Chile. Bodytech is the leading line of fitness centers in Latin America according to IHRSA, the World Association of Health Clubs, and is the 25th most valuable brand in Colombia according to Compass Branding.
The private equity fund Teka Capital currently manages $148 million, including funding from local and foreign investors. Bodytech is the second Colombian company in which the fund has invested, following investment in a well-known Colombia apparel company. Diego Cordoba and Juan Antonio Pungiluppi from Teka Capital both worked at Valorem, an investment holding of the Santodomingo family in Colombia, where they managed investments in companies in more than ten different industries and oversaw assets of $3 billion in acquisitions of companies like Cine Colombia and TV Cable and in the sale of companies like Propilco, Serdan, Sofasa, Finca, Aluminio Reynolds, and BellSouth.