Madrid, February 13, 2024. COFIDES is committed to the growth of Brooklyn Fitboxing in Italy, where the company plans to set up five of its own centres. To this end, COFIDES has granted 600,000 euros through two joint venture loans of 300,000 euros under the Fund for SME Foreign Investment Operations (FONPYME). The total investment of the project is 870,000 euros.
The non-contact boxing chain has been present in Italy since 2020, where it has 7 centres and plans to open five more of its own in Milan and Turin. The worldwide trend in the growth of the fitness and health sector is also being seen in Italy. Brooklyn Fitboxing's international experience is extensive with 20 fitness centres abroad.
Brooklyn Fitboxing, through its foundation Hit4Change, contributes from 2019, with 1% of its turnover, to the achievement of different Sustainable Development Goals (SDGs), mainly those related to education, environment and equal opportunities. The project will benefit from the COFIDES Impact programme, through which COFIDES supports investment projects that generate a positive impact on the SDGs. In this case, the price bonus on the financing of the variable sustainability component will be linked to the calculation of the group's carbon footprint.
The Head of COFIDES' Investment Division, Miguel Ángel Ladero, said that "for COFIDES it is important to support projects that contribute to strengthening the health of the population by promoting an active lifestyle”. What’s more, he pointed out that the company supports Spanish SMEs "in their international growth so that they can grow, strengthen their position and generate employment".
On his part, Juan Pablo Nebrera, CEO of Brooklyn Fitboxing, highlighted the important role Italy plays in the company's brand growth. "Brooklyn Fitboxing is a Spanish company but from the beginning it was born with a clearly international vision. In Italy we have found the perfect partner for further growth in Europe. COFIDES' support will enable us to meet the needs of the Italian market, which is clearly committed to health and wellness”.
ABOUT BROOKLYN FITBOXING
Brooklyn Fitboxing is a chain of sports centres present in countries all over the world (Spain, France, Italy, Germany, Argentina, Portugal, amongst others). These centres offer a unique training experience that combines training with the punching bag with functional training intervals for a complete workout. Brooklyn Fitboxing was founded in 2014 in Spain and since then has opened more than 200 Clubs around the world, most of them franchises. Currently more than 60,000 people train at its centres and it has about 110 employees.
ABOUT COFIDES
COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
