Edgard Corona’s SmartFit Records Revenue Worth R$1B, Acquires Chilean Gym Firm
In a country dominated with the love and investment of football among other few sporting events, it is unlikely that a young entrepreneur can rise against odds to start a gym company. Unfortunately, Edgard Corona is a type of an investor who looks for untapped opportunities.
The Bio Ritmo commander and SmartFit CEO Edgard Corona is now renowned the whole of Brazil and neighboring countries for taking a bold move to start businesses in a rare and untapped subsector. By 2018, a year after he acquired a Chilean gym company named Inversiones O Dos, SmartFit announced that it had recorded a revenue of R$1 billion.
A year before the announcement of the accumulative revenue, the SmartFit CEO has also stated that the 2016 revenue had risen to a whopping $194.1 million. This amount of revenue also meant that Edgard Corona’s company garnered $61.4 million in net profit. Backed by several high-end companies including Patria Investimentos, a local private equity company, SmartFit has now gained entry into other Latin and Central America nations. Some of the countries that Edgard Corona’s SmartFit is in include Mexico, Colombia, Peru, Chile, the former home for Inversiones O Dos, and Dominican Republic. In these countries, SmartFit has its team of representatives, some of whom are trained locals.
One of the reasons why Brazil is still a ripe place for untapped business ideas is what was revealed in the Brazilian Association of Fitness Centers report. According to the report, the country is home to a whopping 8 million registered members. That means, even if Edgard Corona tries hard enough, his 480 gyms spread among some Latin America nations may not be enough. There is still need for other investors to inject lots of money into the fitness business to help the millions of Brazilians keep fit. Going forward, the Bio Ritmo commander is planning to open even more centers to help people stay fit to know more click here.