How Edgard Corona Built a Fitness Empire Through Strategic Partnerships as Dono da Smart Fit

While Edgard Corona’s vision and leadership played crucial roles in Smart Fit’s meteoric rise, his strategic approach to partnerships and investments has been equally important. As the founder and CEO of Latin America’s largest gym chain, Corona has masterfully leveraged collaborations with investors, franchisees, and other businesses to fuel growth and expansion.

Smart Capital: Investor Partnerships That Fueled Expansion

When Corona first developed the Smart Fit concept in 2009, he recognized that rapid scaling would require significant capital. Rather than growing slowly using only internal resources, the dono da Smart Fit sought strategic investors who brought not just money but also expertise and connections.

The first major investment came in 2010 when Corona secured backing from Pátria Investimentos, a prominent Brazilian private equity firm. This partnership provided the financial foundation for Smart Fit’s initial expansion throughout Brazil. As the business proved its model, Corona attracted increasingly prestigious investors, including Singapore’s sovereign wealth fund GIC in 2014 and the Canada Pension Plan Investment Board (CPPIB) in 2019.

These partnerships weren’t simply financial transactions. Corona carefully selected investors whose long-term outlook aligned with his vision for Smart Fit. The backing of these major institutional investors also lent credibility to the business model, making subsequent fundraising easier. By the time Smart Fit held its IPO in 2021, raising R$2.3 billion on Brazil’s B3 exchange, the company had already established a track record of successful partnerships with sophisticated investors.

Crossing Borders Through Local Alliances

Corona’s approach to international expansion further demonstrates his collaborative mindset. Rather than attempting to enter new markets alone, Smart Fit typically established joint ventures with local partners who understood regional nuances. For instance, when expanding into Mexico in 2012, Corona partnered with SportCity, a high-end local gym operator looking to add a low-cost brand.

This strategy allowed Smart Fit to benefit from local market knowledge while sharing financial and operational responsibilities. Corona described the approach: “We’ve created 50/50 joint ventures with local partners to expand into Mexico and Chile—SportCity in Mexico in 2012, and O2 in Chile at the end of 2013, which are both high-end operators that wanted a low-cost brand.”

The dono da Smart Fit continued this pattern across Latin America, forming strategic alliances that accelerated the company’s regional footprint. By 2024, these partnerships had helped Smart Fit establish more than 1,500 locations across 15 countries, making it the undisputed fitness leader throughout the region.

Franchising: Scaling With Shared Investment

Another pillar of Corona’s partnership approach is strategic franchising. While Smart Fit initially focused on company-owned gyms, Corona recognized that franchising could accelerate expansion with lower capital requirements, particularly in international markets.

“This dual expansion model enabled the company to scale while sharing financial and operational responsibilities with franchise partners,” explains industry analyst Carlos Rodriguez. “Franchisees benefited from a proven business system, while Smart Fit gained market share with limited upfront investment.”

By 2024, nearly 300 of Smart Fit’s 1,500+ locations were franchise operations. This model has proven particularly effective in countries where Smart Fit entered through joint ventures, allowing for faster regional expansion beyond major cities. Corona’s careful balance between company-owned and franchised locations maintains quality control while enabling rapid growth.

Edgard Corona’s collaborative approach to building Smart Fit demonstrates that even visionary entrepreneurs achieve more through strategic partnerships than they could alone. By sharing both risks and rewards with investors, local operators, and franchisees, the dono da Smart Fit has created Latin America’s most extensive fitness network while establishing a model for regional business expansion that others now seek to emulate.