CapMan Growth Strengthens Finnish Fitness Market Presence with Strategic Investment in Kuntokeskus Liikku

CapMan Growth Strengthens Finnish Fitness Market Presence with Strategic Investment in Kuntokeskus Liikku

(IN BRIEF) CapMan Growth Equity Fund III has made a significant investment in Finnish fitness chain Kuntokeskus Liikku to support the company’s expansion and strengthen its position in the national fitness market. Liikku operates more than 70 gyms across Finland and serves nearly 90,000 members through a self-service concept focused on affordability and operational efficiency. The company plans to continue opening new locations each year to meet growing demand for accessible fitness services and to promote wellbeing nationwide. The investment also strengthens the ownership base alongside COR Group and provides Liikku with access to CapMan Growth’s expertise, including support in securing new premises. The transaction marks the sixth investment by CapMan Growth Equity Fund III and supports the company’s ambition to achieve market leadership in Finland’s fitness sector.

(PRESS RELEASE) HELSINKI, 26-Feb-2026 — /EuropaWire/ — CapMan Growth Equity Fund III has agreed to make a major investment in Finnish fitness operator Kuntokeskus Liikku, strengthening the company’s ownership structure and supporting the next phase of its expansion across Finland. The transaction is intended to reinforce Liikku’s position in the domestic fitness market while accelerating the implementation of its long-term growth plans.

Kuntokeskus Liikku has established itself as one of Finland’s largest fitness chains, operating more than 70 gym locations and serving close to 90,000 members nationwide. The company’s concept focuses on self-service fitness centres that combine modern facilities with affordable membership pricing. This approach, together with efficient operations, has enabled the company to achieve sustained profitable growth.

Recent years have seen strong expansion for the company, which has demonstrated its capacity to scale its business model successfully. The company plans to continue expanding by opening new gyms in several cities each year in response to increasing demand for accessible and high-quality fitness services. The expansion strategy aims to reach a broader customer base and promote improved health and wellbeing across Finland.

Antti Kummu, Managing Partner at CapMan Growth, described Kuntokeskus Liikku as a growth-oriented business supported by experienced management, a focused strategy and an efficient operating model. He noted that the company’s proven concept and strong growth potential make it an attractive investment, and expressed confidence that the partnership will help accelerate expansion and strengthen the company’s position in the Finnish fitness market.

Kuntokeskus Liikku is led by founder and Chief Executive Officer Johanna Riihijärvi, who welcomed the investment as an opportunity to enhance the company’s ownership structure and gain access to CapMan Growth’s expertise. She emphasized that the partnership will support the continued rollout of new locations and noted that CapMan’s experience in commercial real estate is expected to facilitate the search for suitable premises for future gyms.

The company’s principal shareholder is COR Group, a Finnish health and wellness group and a long-standing partner of CapMan Growth. COR Group is known for its active ownership approach and focus on long-term value creation within the health and wellness sector.

Ilari Kerola, co-founder of COR Group and Chair of Liikku’s Board, explained that Kuntokeskus Liikku has been a central part of the group’s development strategy since 2016. The recent ownership restructuring is intended to support continued expansion and secure financing as the company works toward achieving clear market leadership in Finland’s fitness industry. He added that COR Group aims to contribute to improving physical fitness and overall wellbeing across the country through the company’s continued growth.

The transaction represents the sixth investment completed by CapMan Growth Equity Fund III.

For more information:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Kuntokeskus Liikku

Kuntokeskus Liikku is a Finnish fitness centre chain with more than 70 locations across Finland. Liikku’s mission is to lower the threshold for starting gym training and to offer high-quality, fresh training facilities for people of all fitness levels at a reasonable price.

At Liikku, the best workout is the one that gets done. Regardless of your goals or starting point, every workout is equally valuable and deserves a motivating, supportive and relaxed training environment. The gyms are designed to ensure a smooth and enjoyable workout experience on every visit. Thanks to spacious and airy premises, you can train comfortably at your own pace, even during peak hours. A versatile range of equipment, free weights and comprehensive warm-up facilities serve both experienced gym-goers and beginners alike.

You can visit Liikku for a tour Monday to Wednesday from 4 pm to 7 pm. For more information, please visit www.liikku.fi/english. 

SOURCE: CapMan