NORD Holding: Single-Asset Continuation Fund over € 500 million

Hano­ver — NORD Holding has successfully laun­ched a single-asset conti­nua­tion fund to support the long-term deve­lo­p­ment of the all inclu­sive Fitness Group, Germany’s leading premium value fitness plat­form. Closing is expec­ted in the first quar­ter of 2026 after fina­liza­tion of the syndication. 

The Conti­nua­tion Fund is being estab­lished by a consor­tium of leading insti­tu­tio­nal secon­dary inves­tors toge­ther with NORD Holding.

Kline Hill Part­ners acts as lead inves­tor, flan­ked by a stra­te­gic syndi­cate of insti­tu­tio­nal inves­tors. NORD Holding and the Group’s manage­ment team will retain a signi­fi­cant stake. The newly estab­lished fund provi­des addi­tio­nal growth capi­tal that will signi­fi­cantly support the company’s further expan­sion. Ares Credit Funds, which has been support­ing the company since 2021, will conti­nue to provide the debt financing. 

With curr­ently over 171 loca­ti­ons, around 650,000 members and a consis­t­ently strong opera­ting perfor­mance, the all inclu­sive Fitness Group is one of the most dyna­mic growth plat­forms in the German fitness market. The new owner­ship struc­ture crea­tes ideal condi­ti­ons for consis­t­ently driving forward the long-term growth stra­tegy and further acce­le­ra­ting both the expan­sion of loca­ti­ons and central opera­tio­nal initia­ti­ves. The focus is on targe­ted expan­sion in the German market on the basis of regio­nal clus­ters in order to make opti­mum use of syner­gies and achieve the goal of more than 250 loca­ti­ons in the coming years as well as market leader­ship in the long term. 

“We are deligh­ted with the trust placed in us by our new part­ners. The joint estab­lish­ment of the Conti­nua­tion Fund will enable us to conti­nue the successful growth stra­tegy of the all inclu­sive Fitness Group in the long term and actively shape the next deve­lo­p­ment phase,” says Rainer Effin­ger, Mana­ging Part­ner, NORD Holding (Photo: Nord Holding). 

“We are exci­ted to accom­pany the all inclu­sive Fitness Group on its contin­ued growth path. The company has an impres­sive track record, a strong manage­ment team and clear expan­sion poten­tial. We look forward to working with NORD Holding on this exci­ting project,” said Elena Laleh, Mana­ging Direc­tor, Kline Hill Partners. 

On the part of NORD Holding, the tran­sac­tion was imple­men­ted by Rainer Effin­ger, Maxi­mi­lian Frey, Moritz Stolp and Niklas Thoma.

Advi­sor NORD Holding: Rede Partners

About the all inclu­sive Fitness Group

With 171 loca­ti­ons and over 650,000 members, all inclu­sive Fitness is one of the leading and fastest growing provi­ders in the German premium value segment. The group stands for a holi­stic fitness and well­ness expe­ri­ence, state-of-the-art equip­ment and an excep­tio­nally attrac­tive price-perfor­­mance ratio. With the all inclu­sive Fitness brand, the former brands jumpers fitness and all inclu­sive Fitness as well as the Best­Fit Group were successfully bund­led under a strong brand iden­tity in Febru­ary 2025. The FIT STAR brand has also been part of the brand family since Septem­ber 2025. Driven by a consis­tent buy-and-build stra­tegy, opera­tio­nal excel­lence and a clear loca­tion expan­sion logic, the all inclu­sive Fitness Group is now one of the most dyna­mic growth plat­forms in the German fitness market. 

About Kline Hill Partners

Foun­ded in 2015, Kline Hill Part­ners is an invest­ment firm specia­li­zing in the private equity secon­dary market with leading exper­tise in the small-deal segment. With $6.1 billion in assets under manage­ment, Kline Hill’s funds are backed by a world-class inves­tor base, inclu­ding endow­ments, family offices and other insti­tu­tio­nal inves­tors. Toge­ther, Kline Hill’s Core and Solu­ti­ons stra­te­gies form an inte­gra­ted plat­form that spans the entire spec­trum of the small-deal secon­dary market, from LP fund trans­fers to GP-led tran­sac­tions to direct secon­dary invest­ments. — www.klinehill.com

About NORD Holding

NORD Holding is one of the first and most renow­ned German invest­ment compa­nies and has been active as a relia­ble equity part­ner for SMEs in the DACH region for over 55 years. The focus is on estab­lished medium-sized compa­nies with a strong market posi­tion or the poten­tial to achieve this through joint further deve­lo­p­ment. On the basis of clearly defi­ned growth stra­te­gies, NORD Holding supports its holdings in the imple­men­ta­tion of key opera­tio­nal and stra­te­gic prio­ri­ties. The company curr­ently holds majo­rity stakes in more than 13 medium-sized compa­nies and mana­ges assets of over 4.0 billion euros, inclu­ding the fund of funds busi­ness. — www.nordholding.de