• 2016 turnover EUR 329m
  • No. of employees ~ 9,200
  • Acquisition date June 2011

Health & Fitness Nordic

HFN is the leading pan-Nordic health and fitness chain, operating under SATS, Elixia and Fresh Fitness brands. It has over 500,000 members and 200 clubs in Finland, Norway and Sweden.

Why we believe in HFN:

  • The Nordic fitness market is an attractive market underpinned by strong macro fundamentals
  • HFN is the #1 operator in the Nordics with unparalleled scale advantage
  • Attractive financial profile with multiple levers for further value creation and growth


  • Olav Thorstad CEO

Investment Advisory Team

  • Hugo Maurstad BoD
  • Tom Jovik
  • Andreas Hall
  • Henrik Olav Klevar