By Brazil Stock Guide – XP Investimentos is stepping up the promotion of gym operator Panobianco’s growth thesis, combining research coverage, event participation and broad visibility for the new FIDC created to finance the network. The brokerage highlights that the company, now with 350 gyms, is reshaping its governance to support a more ambitious plan: reaching 1,000 units by 2028 and competing head-to-head with Smart Fit for leadership in Brazil’s fitness market. It’s an optimistic view, grounded in recent corporate moves but dependent on tight coordination as the company accelerates its expansion.
XP’s FIDC Becomes the Core Financial Engine
The FIDC being structured by XP has taken on a central role in the expansion strategy. Expected to launch in January, the vehicle is designed to finance equipment renewal, standardize units and ease franchisees’ access to working capital — addressing constraints that have historically limited the scale of gym-franchise models in Brazil. For XP, the fund also reinforces a scale logic: centralizing procurement, strengthening bargaining power and creating a more predictable path for network growth.
Governance Repositioned for a Larger Cycle
At the national franchise convention attended by XP analysts, Panobianco highlighted the start of a new governance phase. Chris Rondeau, former CEO of Planet Fitness, emphasized his active role on the board, including weekly mentoring sessions with CEO Felipe Barth and a strong focus on marketing discipline. The professionalization of the executive team, the move of founder Andre Panobianco to the board and the hiring of KPMG to audit financial statements from 2025 all signal that the company is preparing to operate at a larger scale.
According to XP’s reporting, the company is also expanding its support structure for franchisees, including the new Franchisee Council and the G10 group, aimed at developing multi-unit operators and professionalizing the base. Operational standardization — paired with the equipment renewal cycle financed by the FIDC — is expected to reduce disparities across units and improve overall brand perception. XP notes that digitalization, still at an early stage, is already showing initial gains through a pre-sales pilot and the rollout of a new ERP now being tested in parts of the network.
Accelerated Growth, With Room for Both Players
XP argues there is room for simultaneous expansion of both Panobianco and Smart Fit, given Brazil’s low gym penetration and the largely complementary geographic focus of the two chains. The goal of reaching 1,000 units and competing for sector leadership is seen as plausible in a market with low consolidation, though it will depend on the pace of FIDC adoption, the stability of the franchise model and the company’s ability to execute its standardization plan.
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