BaltCap exits Exercise Investment, transferring control to Aggressive Capital’s Longevity Fund
In January 2026, BaltCap (Lithuania SME Fund) completed the sale of its 88.1% stake in Exercise Investment, the holding company behind the Lemon Gym and Impuls fitness chains operating in the Baltic States. The stake was acquired by UAB Longevity Fund, managed by Aggressive Capital, marking BaltCap’s exit from the asset after a long holding period.
The transaction includes the establishment of a new private equity fund with a target size of approximately €20 million, focused on investments in consumer services, wellness and leisure across Lithuania, Latvia and Estonia. According to the deal structure, the existing management team of Lemon Gym and Impuls remains among the shareholders and continues to run the business following the change of ownership.
BaltCap was advised by TEGOS, while Aggressive Capital and Longevity Fund were advised by WIDEN.
The asset: Exercise Investment
Exercise Investment controls two fitness brands operating across the Baltic region:
Lemon Gym, positioned in the low-cost fitness segment;
Impuls, operating in the mid-to-premium segment, including full-service clubs with additional facilities.
According to the company’s corporate information, the Impuls brand comprises seven clubs, while the brand’s public website currently lists five clubs.
The Lemon Gym website lists 22 clubs across the Baltic States.
Taken together, the transaction covers the Exercise Investment group operating fitness facilities under both brands in Lithuania, Latvia and Estonia.
Seller: BaltCap (Lithuania SME Fund)
BaltCap entered the Impuls business in 2011 through its Lithuania SME Fund, supporting its development over more than a decade into a regional fitness platform. The sale of Exercise Investment represents one of the later exits from this fund as it approaches the end of its investment cycle.
Beyond Exercise Investment, BaltCap’s current private equity portfolio includes companies such as HansaMatrix, a Northern European electronics systems and components manufacturer taken private in 2023; Viru Elektrivõrgud, an electricity distribution network operator in Estonia; and Hansab Group, a provider of automation and security solutions for B2B markets. The broader BaltCap platform also includes investments in logistics, elderly care and veterinary services across the Baltic region.
Buyer: Aggressive Capital and Longevity Fund
Aggressive Capital is a licensed investment fund manager overseeing seven funds. Its publicly disclosed real estate assets include the Žalgirio business centre in Vilnius, the Algirdo 3 residential project, and commercial properties developed under the NordSpace platform.
The acquisition of Exercise Investment via Longevity Fund represents Aggressive Capital’s first disclosed investment in a large-scale consumer services operating company, complementing its existing portfolio of real estate-focused assets.
Transaction context
The deal represents a standard private equity exit, with ownership transferred from one financial investor to another. No operational carve-outs or changes to day-to-day management were announced as part of the transaction.
Set against a broader backdrop of investor activity in established service businesses across the Baltic States, the transfer of control over Lemon Gym and Impuls reflects a change of ownership rather than a restructuring of the underlying business.BSM © 2026
Image: photos/photo_157@14-01-2026_16-36-42.jpg