US Firm Invests in Mexican Fitness Brand Commando, Eyes Growth

Commando, a fast-growing boutique fitness brand based in Mexico, has received investment from an American private equity firm, setting the stage for further expansion across Mexico and internationally.

ACON Investments announced on Monday that it had closed an investment into Fitness Ventures, S.A.P.I. de C.V., better known as Commando. Financial terms of the deal weren’t disclosed.

Founded in 2017, Commando currently operates 11 locations in Mexico, with nine in Mexico City and two in Guadalajara. The boutique fitness brand offers three types of high-intensity group fitness classes: “Bootcamp” functional training, “Bici” indoor cycling and “Taller” strength and conditioning.

Commando currently runs more than 5,800 classes a month and has a “total attendance” of more than 106,000 clients across all locations, the brand says. Its studios also feature a post-workout cafe offering protein shakes, smoothies, coffee and healthy snacks.

“We are thrilled to welcome ACON as a partner in our ambitious growth journey,” said Commando chairman and CEO Joaquin Hirschfeld. “Through this partnership, we aim to elevate Commando’s best-in-class customer experience even further while supporting its growth trajectory across Mexico and international markets.”

ACON says it will work with Commando’s shareholders and management team to pursue domestic and international expansion. The D.C.-based private equity firm has managed more than $7 billion in assets and holds stakes in brands including New Era, Igloo and Spencer’s.

“Commando has demonstrated impressive growth in Mexico, driven by rising health and wellness awareness primarily among younger populations,” said Mauricio Cortes, a partner in ACON’s Mexico City office. “We look forward to working with Joaquin and his talented team to bring their unparalleled customer experience and strong community to new markets, both in Mexico and internationally, while continuing to improve the lives of their customers.”

The deal comes as Mexico’s boutique fitness market appears to be heating up.

Club Pilates recently announced plans to open at least 65 studios in Mexico over the next decade, while Pure Barre intends to open its first Mexico location in Q1 of 2025. Club Pilates and Pure Barre joining other Xponential Fitness-owned boutique brands including StretchLab and Rumble Boxing, both of which already have a presence in Mexico.

Bob Kaufman, Xponential’s president of international, has called Mexico “a major emerging market for boutique fitness.”