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Synergym Mijas Costa

presented by October Spain

€600,000

5.5%

36 months

B

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location

Location

Málaga, Spain

activity

Activity

Events

Presentation of the company

Created in 2014, SYNERGYM MIJAS COSTA, S.L. belongs to Synergym group, a group active in the sport and fitness sector. The group, managed by Sergey Miteyko and Leonardo Lvovich, has 65 employees and is based in Malaga.

The groups’s main activities are:

  • Fitness area
  • Sport activities

The group operates 10 gym club and works with a diversified client base with an average of 1800 members per club and with top fitness suppliers such as Life fitness. 

The group has the strategy to become a leading player with the acquisition of 7 new gym club in the coming years.

Project Description

The company wishes to borrow 600 000 € over 36 months to finance the opening of 2 new fitness centers. This project will be realised next month.

The amount offered on the platform is limited to 294 000€, which complies with the regulatory limits.

Analyst’s Opinion

Our borrower is the main operating company of the group with 20% of revenues, 26% of profitability, 8% of networth and 38% of debt. Financials analysis has been done on the consolidated financials which mirrors the performance of the group.

With a turnover of 4 459 760 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The increase in turnover is due to the strong expansion around Spain and to the wide expertise of the management team. Forecast based on first semester of 2018 performance.  

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,71 and a good financial structure, with a forecast net debt / ebitda ratio of 2,04 and a net debt / shareholder equity of 90%.

The analysis of the project leads to a credit rating of B and a 5,5% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base
  • Solid repayment ability with a forecasted FCCR of 1,71
  • Good track record combined with an experience team

Points of vigilence:

  • Highly competitive market

*The multiple of FCCR at 1,71 means that the company has a safety margin of 71% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Informa, Asnef). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.