PortfoLion Capital Partners acquires a minority stake in 4FIZJO, an eminent e-commerce player in Poland’s fitness and physiotherapy market. This transaction aims to support 4FIZJO’s international growth in the region for sports and leisure products.

From Garage Startup to Top Player

Founded in 2017 by former physiotherapists Mateusz Oniśk and Adam Grybalow, 4FIZJO emerged from a desire to make high-quality physio and fitness products more accessible to a larger audience of customers. Starting as a small operation, the company now boasts a 14,000 sqm storage capacity, ships 100,000 orders per month, and employs a team of 120.

Operating across six European markets—including Poland, Romania, and Hungary—4FIZJO’s diverse product range splits 60% fitness and 40% medical purpose. The company focuses on its own-branded products, ensuring quality and innovation. Its Mountain Goat and Tsunami brands, catering to outdoor enthusiasts and water sports fans, respectively, reflect this strategy. 4FIZJO is on track to close 2024 with revenue exceeding 150 million PLN (nearly EUR 35 million) and anticipates shipping over 1 million orders by year-end. Earlier this year, the platform peaked at selling over 1 million PLN worth of GMV from one product in a single day, demonstrating its ability to scale quickly and meet demand.

Meeting Challenges with Expertise

While thriving, 4FIZJO faced challenges scaling its operations internationally due to cash-flow limitations and market complexities. “We chose PortfoLion because of their expertise in building regionally leading e-commerce companies and their alignment with our vision,” explained co-founder Mateusz Oniśk.

The COVID-19 pandemic brought unique challenges, from reorganising delivery systems to setting up production chains. Despite these hurdles, 4FIZJO successfully entered new countries, including Slovakia and Ukraine, but sought a capital partner to further its ambitions in Hungary, Bulgaria, and beyond.

A Future Poised for Growth

With PortfoLion - a member of OTP Group, one of the largest banking groups of the region - joining the shareholders, 4FIZJO plans to enhance its market presence in Romania, Hungary, and Bulgaria while laying the groundwork for growth into the Baltics by 2026. PortfoLion’s team has amassed experience building regional e-commerce success stories like Szallas Group, later acquired by Wirtualna Polska, and lately by supporting Pepita Group's international expansion. In the coming years, operational optimisation and faster logistics are vital in developing multi-country online retail providers.

“Our partnership with PortfoLion is not just about capital—it’s about expertise, shared vision, and the strategic guidance needed to bring our brand closer to customers across Europe,” said co-founder Adam Grybalow.

“We are thrilled to partner with 4FIZJO, a company with exceptional growth potential and a commitment to delivering quality. This investment reflects our confidence in the growing physiotherapy/sports market and the company's ability to deliver exceptional value to its customers,” stated Zsolt Mihály, Principal at PortfoLion Capital Partners. “This partnership reflects our strategy supporting the growth of e-commerce businesses in Central and Eastern Europe.”

Financial and legal advisory for the deal included Vienna Capital Partners and Schoenherr for the sellers, EY and Deloitte Legal for the buyers, while Arthur D. Little led the commercial due diligence process. The transaction, which will see PortfoLion acquire a 40% minority stake in 4FIZJO, is pending approval from the Polish Office of Competition and Consumer Protection and is expected to be closed in the coming months.